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DraftKings raises further $100 million through Eldridge Industries LA

DraftKings raises further $100 million through Eldridge Industries LA

Bloomberg USA has reported that daily fantasy sports (DFS) operator DraftKings has raised a further $100 million (£84 million) in venture financing led by Los Angeles VC fund Eldridge Industries.

The  VC fund which is headed-up by Los Angeles Dodgers MLB franchise owner Todd Boehly joins DraftKings’ portfolio of 17 core investors (https://www.crunchbase.com/organization/draftkings#/entity )

To date, DraftKings has raised approximately $700 million from nine rounds of venture funding. DraftKings investors include 21st Century Fox, MLB Ventures, the NHL and Major League Soccer.

DraftKings CEO Jason Robins confirmed the VC backing of Eldridge Industries, however Robins did not disclose what the new unds would be used for.

The DFS operator’s latest round of funding, has surprised tech commentators as DraftKings is currently in joint 50-50 merger discussions with lead competitor FanDuel (deal first announced November 2016).

The planned merger between the two leading US DFS operators currently awaits federal approval as US regulators review the impact of combining the enterprises on DFS market conditions.