FanDuel to Announce it has Raised Another $275 Million
FanDuel, the world’s largest Daily Fantasy Sports site, was set to announce it has raised $275 million in a new round of financing, bringing its total haul from investors to $360 million.
The new round of investors include Kohlberg Kravis Roberts, an existing investor, and included the new investors Google Capital and Time Warner. Several previous backers also participated including Shamrock Holdings, an investment arm of Roy E. Disney’s family, and NBC Sports.
FanDuel says it wants to use the money to gain new customers and expand its business worldwide. They also plan on awarding up to $2 billion in prize money over the next year.
The new money that FanDuel has raised is meant to keep the company ahead. Mr. Eccles tells the New York Times that it would go toward additional spending on marketing and new features.
When asked if he would sell his company to Yahoo, which last week announced its entry into the Daily Fantasy Sports market, Eccles said he would decline.
“We want to be a strong, independent company,” he said. “I don’t see that fitting within Yahoo or any other place.”
FanDuel is also looking to go public with a $1 billion “net worth”.
- Aaron Goldstein, Gambling911.com
