DraftKings closes on $300M funding round

Daily fantasy sports giant DraftKings has closed on a $300 million Series D round of venture funding, valuing the company at more than $1 billion and extending a historic wave of investment into the space.Fox Sports led the round, joined by MLB, the NHL, MLS, Madison Square Garden and Legends Hospitality.

Existing investors including Atlas Venture, The Kraft Group and The Raine Group also participated, with Raine serving as the financial adviser on the deal. The funding for Boston-based DraftKings closely follows a $275 million Series E round earlier this month for rival FanDuel that valued it at more than $1 billion.

THE LATEST ROUND

■ Investors: Fox Sports, MLB, NHL, MLS, Madison Square Garden, Legends, Atlas Venture, DST Global, GGV Capital, The Kraft Group, The Raine Group, Wellington Management Co.

■ Investors: KKR, Google Capital, Time Warner Investment, Turner Sports, Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Bullpen Capital, Pentech Ventures, Piton Capital, several undisclosed NFL and NBA team owners

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The deal additionally includes $250 million in marketing commitments for DraftKings on Fox platforms over roughly three years.

read more at SportsBusinessJournal – written by Eric Fisher