On Tuesday, July 14, daily fantasy sports website FanDuel Inc. announced that it brought in $275 million after closing a round of financing, bringing its total venture capital funding to $363 million. The funding is led by private equity firm KKR, Google, and Time Warner, and the company stated that it plans to use the financing to boost customer acquisition efforts, introduce new products, and build its management team.
Additionally, the company noted that several NFL and NBA team owners participated in the funding round along with several previous FanDuel investors, including Shamrock Capital, NBC Sports Venture, Bullpen Capital, and Comcast Ventures. According to the company, as the round of financing closes, FanDuel continues its growth, expanding its active user base by 300 percent since this time last year.
This announcement comes as FanDuel continues to have steady competition. Its closest competitor, DraftKings Inc., is said to be close to announcing a new funding round that would give it a comparable valuation. Meanwhile, Yahoo Inc. jumped into the fantasy sports realm last week by launching its own daily games.