Drive by DraftKings VC fund raises $ 60 million

  • Drive by DraftKings targeting performance investments; sports and games; media and fan engagement; as well as data analysis and monetization
  • The company’s portfolio currently includes Whoop, Cardless and Just Women’s Sports
  • “All-Star Network” also unveiled to support Drive by DraftKings’ investment strategy

Drive by DraftKings, the multi-stage venture capital firm that invests in sports and entertainment technology companies, raised $ 60 million in its first funding round.

Raised in six months, the fund is 20% oversubscribed and includes support from a number of leading sports owners, organizations and athletes.

Notable investors include The Kraft Group and the Jones family, owners of the New England Patriots and Dallas Cowboys of the National Football League (NFL) respectively. Todd Boehly, who owns stakes in the Los Angeles Lakers of the National Basketball Association (NBA), the Los Angeles Sparks of the Women’s National Basketball Association (WNBA) and the Los Angeles Dodgers of the Major League Baseball (MLB), is also a funder.

Other investors include Madison Square Garden (MSG) Sports, MSG Entertainment, Arctos Sports Partners and Fenway Sports Group (FSG) Chairman Mike Gordon. Gaming giant DraftKings, a founding partner of the venture capital firm, also contributed to the fund.

Drive by DraftKings said it will focus on four areas of investment: performance; sports and games; media and fan engagement; as well as data analysis and monetization.

The current portfolio of the new investment fund includes Cardless, Elite HRV, Evaluate.Market, Guidesly, Just Women’s Sports, Muxy, Papaya Gaming, PickUp, StreamLayer, Tappp, Toya, VidMob and Whoop.

Drive by DraftKings also unveiled its “All-Star Network”, designed to support its investment strategy. Members include three-time Olympic ice hockey medalist Hilary Knight, 11-time NFL Pro Bowl wide receiver Larry Fitzgerald and retired professional tennis player James Blake.

“We are proud and delighted to have assembled this list of leading investors. Not only did they embrace our vision to facilitate growth and innovation in sports and entertainment technology, but they also provided the capital to join our mission, ”said Meredith McPherron, Managing Director and Managing Partner of Drive by DraftKings.

“Through our relationship with DraftKings, as well as other iconic sports and gaming brands through our limited partners and advisors, we are well positioned to accelerate the most ambitious new ventures to the frontier of these industries.”

According to MarketsandMarkets, the global sports technology industry – including devices, smart stadiums, sports analytics and esports – was valued at US $ 17.9 billion in 2020 alone. Drive by DraftKings adds that some experts predict that it will exceed US $ 40 billion by 2026.

In addition, the global sports betting market, including retail and online, was estimated at US $ 131.1 billion in 2020 and is expected to reach $ 180 billion by 2028, according to a study by Zion Market Research.

Newzoo’s Global Gaming Market Report also predicts that the global online gaming market will generate $ 175.8 billion in revenue in 2021 and exceed $ 200 billion in 2023.

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