FanDuel raises $275m after Google and Time Warner investment

Fantasy sports operator FanDuel has closed its latest financing round, raising $275m through existing investors as well as new high-profile investors such as Google Capital and Time Warner Investments.

The oversubscribed Series E financial round was led by private equity firm KKR (previously Kohlberg Kravis & Roberts), Google Capital, the internet giant’s growth capital fund, and Time Warner Investments, the investment arm of media corporation Time Warner and Turner Sports, a subsidiary of Turner Broadcasting System.

A number of unnamed owners of various National Football League and National Basketball Association teams also participated in the round, alongside previously investors such as Shamrock Capital, NBC Sports Ventures, Comcast Ventures and Bullpen Capital.

The latest round, the operator’s biggest to date, brings total capital raised for the business to $363m.

The financing will be used to strengthen customer acquisition efforts across the US and Canada, accelerate the development of new products, features and growth initiatives, and to build out the company’s management team.

FanDuel has posted strong growth with paid active users up 300 per cent year-on-year. It has recently struck agreements to become the exclusive partner of 13 NBA teams and 16 NFL teams, as well as establishing a Florida studio with a team of more than 40 former Zynga developers.

“Having partners like KKR, Google Capital and Time Warner/Turner Sports invest in FanDuel underscores the way this company is transforming the sports entertainment industry,” FanDuel co-founder and chief executive Nigel Eccles said. “This roster of investors, with expertise across finance, technology, advertising and sports entertainment, is committed to the growth and success of FanDuel as a game-changer for the sports industry.”

KKR principal Ted Oberwager said he was thrilled to support FanDuel’s next phase of growth “given the company’s leading position in the daily fantasy market, model operating principles, highly efficient customer acquisition capabilities, and visionary management team.”

“FanDuel is poised to become the top sports entertainment platform for fans around the world.”

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