Daily fantasy sports operator FanDuel has received a major shot in the arm as it announced it has secured an additional 5 million in Series E financing, increasing the total capital raised by the company to 3 million.
The latest investments were led by private equity firm KKR & Co, an existing investor in DraftKings. Other investors include Time Warner Investments, Turner Sports and Google Capita.
The Series E round also attracted interest from the owners of various teams in the NFL and NBA. Existing investors such as Pentech Ventures and Shamrock Capital also added to their previous total.
The company says it will use the funds to try and attract new customers through new products, features and marketing initiatives. FanDuel also said it will work to strengthen its management team.
“Having partners like KKR, Google Capital and Time Warner/Turner Sports invest in FanDuel underscores the way this company is transforming sports entertainment,” FanDuel chief executive co-founder Nigel Eccles said in a press statement. “This roster of investors, with expertise across finance, technology, advertising and sports entertainment, is committed to the growth and success of FanDuel as a game-changer for the sports industry.”
In May, FanDuel announced it had brought in new product developers to work as its new facility in Orlando, Florida. Many of the developers previously worked at social gaming company Zynga and will focus on sport and mobile gaming as well as maintaining FanDuel’s ongoing partnerships with a range of teams within the NBA and NFL, the company said.
