DraftKings Secures $150 Million in Funding Round Amid Legal Battles
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Fantasy-sports company DraftKings closed $150 million of new funding Thursday in an oversubscribed round that included Revolution Growth, the venture firm co-founded by sports magnate Ted Leonsis, according to Chief Executive Officer Jason Robins.
The fresh capital builds upon previous funding from investors including the Kraft Group, which owns the New England Patriots, Madison Square Garden and a venture arm of Major League Baseball. Washington-based Revolution joined in this round and added partner Steve Murray to DraftKings’ board. Mr. Leonsis is majority owner of the National Basketball Association’s Washington Wizards and the Washington Capitals of the National Hockey League. Revolution also is an investor in Sportradar, a Swiss sports data startup.
Fortune reported earlier citing people familiar with the funding for DraftKings that the $150 million was raised at a lower valuation than a prior $2 billion value for the closely held fantasy-sports site. DraftKings raised funds at a valuation of more than $1 billion in July 2015. Revolution declined to comment on valuation. DraftKings spokeswoman Sabrina Macias didn’t immediately respond to an email seeking comment.
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