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Daily Fantasy Sports Leader, FanDuel, Closes $70M Series D From Shamrock Capital Advisors, NBC Sports Ventures and KKR
|By Business Wire
|September 2, 2014 06:00 PM EDT
FanDuel Inc, (http://www.fanduel.com),
the global leader in one-day fantasy sports, announced today that it has
closed $70 million in Series D financing. That brings the company’s
total capital raised to $88 million. The latest investment round was led
by Shamrock Capital Advisors, LLC, with NBC Sports Ventures and KKR
participating. Existing investors Comcast Ventures, Pentech Ventures,
Bullpen Capital, Scottish Enterprise, and serial investor Richard Koch
also participated. Shamrock Capital Advisors’ Partner, Mike LaSalle, and
Principal, Alan Resnikoff, have joined FanDuel's board and Rick
Cordella, Senior Vice President and General Manager, Digital Media, NBC
Sports Group has joined as a board observer.
“This level of investment from Shamrock, NBC Sports, KKR and our
existing investors is a testament to FanDuel’s leadership in the one-day
fantasy sports industry and the growth potential within this space,”
said Nigel Eccles, CEO of FanDuel. “We couldn’t be more pleased to be
able to make this announcement at the start of football season, as more
users begin to embrace the one-day fantasy experience.”
With 41 million people playing fantasy sports, FanDuel is transforming
the industry with its innovative one-day format and industry-leading
partnerships with brands such as Yahoo, ESPN, CBS, NBC and the Orlando
Magic. FanDuel has seen rapid growth over the past 12 months, represents
65% of the daily and weekly fantasy sports market, and expects to pay
out more than $400 million to users in 2014.
“We see FanDuel’s clear leadership in the one-day fantasy sports space
and we wanted to help them accelerate their already explosive growth,”
said Mike LaSalle of Shamrock Capital. “We look forward to working
closely with FanDuel as they build out their web and mobile platforms
and develop closer relationships with the leagues and media partners.”
FanDuel will use the funds to expand its teams in New York and
Edinburgh, which are currently 106 employees strong. FanDuel will
continue to introduce innovative, new products and features to its
players across North America. Additionally, with this fantasy football
season poised to be the biggest yet, this funding will help FanDuel
reach a wider audience than ever before.
FanDuel differs from traditional fantasy sports in which league winners
are only declared after the entire multi-month season ends. With
FanDuel, the leagues can last just one day and prizes are paid out
immediately after the relevant games have finished.
Mesa Global served as FanDuel’s investment bank for this round of
FanDuel is the leader in one-day fantasy sports, providing fantasy
sports leagues that last just one day. Players can draft fantasy sports
teams at any time in a wide variety of contests in head-to-head or
multi-player contests. Players pay an entry fee for each contest and vie
for cash prizes awarded to the player whose team generates the most
fantasy points. Headquartered in New York with offices in Edinburgh,
Scotland, FanDuel hosts fantasy football, baseball, hockey and
basketball contests as well as college football and basketball across
desktop, mobile and tablet platforms. FanDuel investors include Shamrock
Capital Advisors, NBC Sports Ventures, KKR, Bullpen Capital, Comcast
Ventures, Pentech Ventures, Piton Capital, Scottish Enterprise and
Richard Koch. For more information, please visit http://www.fanduel.com
or download the app from the Apple App Store.
Shamrock Capital Advisors, LLC is a Los Angeles-based private equity
firm with over $700 million of capital under management. Investing
exclusively in the media, entertainment, and communications sectors,
Shamrock partners with strong management teams and takes an active,
collaborative approach to creating value in each investment. Shamrock is
currently investing out of Shamrock Capital Growth Fund III, a $400
million fund raised in 2011. Shamrock’s current investments include
FanDuel, Giant Creative/Strategy, Isolation Network, MarketCast,
Mobilitie, PGOA Media, Screenvision and T3 Media. For more information,
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com.
ABOUT NBC SPORTS GROUP
When the Comcast-NBCUniversal transaction was completed in January 2011,
the sports assets of the two companies combined to form NBC Sports
Group, which serves sports fans 24/7 with premier live events,
insightful studio shows, and compelling original programming. The sports
media company consists of a unique array of broadcast television, cable
television, radio and digital sports assets, including NBC Sports, NBC
Olympics, NBCSN (NBC Sports Network), Golf Channel, 11 NBC Sports
Regional Networks, NBC Sports Radio and NBC Sports Digital. NBC Sports
Group possesses an unparalleled collection of television rights
agreements, partnering with some of the most prestigious sports
properties in the world: the International Olympic Committee and United
States Olympic Committee, the NFL, NHL, NASCAR, PGA TOUR, PGA of
America, USGA, Churchill Downs, Premier League, MLS, Tour de France,
French Open, Formula One, IndyCar and many more.
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