FanDuel secures $275 million with Google & Time Warner as Series E investors

fanduel

Leading daily fantasy sports operator FanDuel has been valued at $1 billion, following its latest venture capital ‘Series E’ round of $275 million.

The investment round was led by Venture Capitalist firm  Kohlberg Kravis Roberts (KKR), technology news sources report that new FanDuel investors include Time Warner and Google Capital (Source: Crunchbase).

The $275 million comes less than 12 months following its September 2014 $70 million ‘Series D’ VC round. To date the Edinburgh founded start-up has raised over $363 million since its ‘Series A’  £1.2 million VC round in 2009.

In 2014 the fantasy sports operator announced that it had more than 1 million active users, which drew $58 million in revenues generated from $650 million in game fees. Its spectacular US growth has made FanDuel one of the most prominent venture prospects.

However business commentators have noted that the operator is currently engaged in an expensive market battle with competitor DraftKings. Targeting US sports fans, both heavily backed operators have formed high visibility partnership with US pro sports leagues, Franchises and sports media providers, which have driven up costs rapidly.

FanDuel utilised its Series D $70 million to bolster its technical and development operations, by acquiring the defunct Zynga Sports team in Orlando and opening development offices in Glasgow.

The $275 million investment comes at a crucial period for FanDuel, as the US prepares for a new NFL season. FanDuel which has struck partnerships with 16 NFL franchises is set to undergo its busiest period as it aims to maintain its leading position in the burgeoning market.

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