DraftKings generates $153m in additional funding

According to financial news website Fortune, new investors in the firm include Revolution Growth, an investment vehicle co-founded by Ted Leonsis, the owner of NHL ice hockey franchise the Washington Capitals and NBA basketball team the Washington Wizards.

Steve Murray, a partner at Revolution, will join the DraftKings board of directors as part of the funding arrangement.

Although full financial details of the agreement have not been disclosed, various sources have said that the funding values DraftKings at significantly less than the $2 billion that was quoted following another funding round in the summer of 2015.

“Building a business is never easy, especially one that is leading the creation of a new marketplace, but Revolution has the expertise to help entrepreneurs execute on their ideas, especially where sports and policy intersect,” Murray said.

Jason Robins, chief executive and co-founder of DraftKings, added: “Revolution Growth is a tremendous new partner for DraftKings, with an entrepreneurial outlook and spirit of innovation that meshes perfectly with the culture of our company.”

Revolution will now joins existing DraftKings investors such as Robert Kraft and Jerry Jones, the owners of the New England Patriots and Dallas Cowboys NFL American football franchises, respectively, and Major League Baseball, which has a small equity stake in the operator.

source : www.igamingbusiness.com

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