BOSTON, Oct. 21, 2021 /PRNewswire/ -- Drive by
DraftKings, the multi-stage venture capital firm investing in
sports tech and entertainment companies, has today announced that
it has raised its first venture fund of $60
million, which is backed by high-profile owners,
organizations, investors and athletes across the sports and
entertainment industries.
Raised in just six months, the fund is oversubscribed by 20%
with notable investors including: The Kraft Group (New England
Patriots), Jones family (Dallas Cowboys), DraftKings Inc. (NASDAQ:
DKNG), Todd Boehly (Los Angeles
Dodgers, Los Angeles Lakers, Los Angeles Sparks), Madison Square
Garden Sports Corp., Madison Square Garden Entertainment Corp.,
Arctos Sports Partners, and Mike
Gordon (Fenway Sports Group).
"We are proud and excited to have assembled this roster of
prominent investors. Not only do they embrace our vision to
facilitate growth and innovation in sports tech and entertainment,
they also provided the capital to join our mission," said
Meredith McPherron, Drive by
DraftKings CEO and Managing Partner. "Through our relationship with
DraftKings, as well as other iconic brands in sports and gaming via
our limited partners and advisors, we are well positioned to
accelerate the most ambitious new ventures at the frontier of these
industries."
Drive by DraftKings supports entrepreneurs advancing the
future of play and performance. The firm has identified four
investment themes across the industry: human performance, sports
and gaming, media and fan engagement, and data analytics and
monetization.
Drive by DraftKings' current portfolio includes: Cardless, Elite
HRV, Evaluate.Market, Guidesly, Just
Women's Sports, Muxy, Papaya Gaming, PickUp, StreamLayer,
Tappp, Toya, VidMob, and WHOOP.
Drive by DraftKings' newly created All-Star Network is designed
to support the firm's investment strategy. Among its decorated
members are: three-time Olympic ice hockey medalist Hilary Knight, 11-time NFL Pro Bowl wide
receiver Larry Fitzgerald, retired
professional tennis player James
Blake, Theo Epstein (MLB and
Arctos Sports Partners Executive), Sam
Kennedy (Boston Red Sox President and CEO), Andy Miller (Sacramento Kings Co-Owner and NRG
Esports Founder/CEO), Sanyin Siang (Executive Director of the
Fuqua/Coach K Center on Leadership & Ethics at Duke University), Julie
Uhrman (Angel City FC Co-Founder and President), and YouTube
gamer Elliott Watkins.
Most All-Star Network members are also invested in Drive by
DraftKings' first venture fund.
"Technology is changing sports and entertainment so rapidly and
if you aren't close to that change, you're falling behind," said
Epstein. "I joined Drive by DraftKings' All-Star Network to be
connected to the people shaping the future of the industry."
"On and off the ice, I do everything I can to help level the
playing field and promote women's sports," said Knight. "Joining
the All-Star Network is another way I can actively support the
trailblazing entrepreneurs in our industry through their
game-changing startups and technologies in sports tech."
According to MarketsandMarkets, the global sports technology
market (including devices, smart stadiums, sports analytics and
esports) was valued at $17.9
billion in 2020 with some experts forecasting it to eclipse
$40 billion by 2026. According to a
Zion Market Research study, the global sports betting market
(including retail and online) was estimated at $131.1 billion in 2020 and is expected to grow to
$180 billion by 2028. According to
Newzoo's Global Games Market Report, the global online games market
(which includes PC, console, mobile and tablet games) is expected
to generate $175.8 billion of revenue in 2021 and to exceed
$200 billion in 2023.
About Drive by DraftKings
Drive by DraftKings is
a multi-stage venture capital firm that invests in sports tech and
entertainment. Our founding partners include DraftKings,
General Catalyst, Accomplice and Boston Seed Capital. Drive by
DraftKings is unique among investment firms as a fully independent
and highly strategic venture capital partner. Together with
inspired founders pushing the frontier of new markets and
categories, we will drive the future of sports, gaming and
media.
Media Contact
Sabrina
Carrozza
PR for Drive by DraftKings
Sabrina@sabrinalcpcomms.com
+1 646 596-2853
View original content to download
multimedia:https://www.prnewswire.com/news-releases/drive-by-draftkings-launches-60-million-venture-fund-to-invest-in-sports-tech-and-entertainment-301403848.html
SOURCE DRIVE by DraftKings