Drive by DraftKings announced today its first venture fund supported by high-profile investors and athletes from the sports and entertainment industry has raised $60 million and is ready to invest.
Investing in Sports Tech and Entertainment
Multi-stage venture capital firm Drive by DraftKings eyeing investments in sports tech and entertainment companies managed to raise the funds in just six months, registering an oversubscription level of 20% with interest from a number of prominent investors like the owners of the New England Patriots, The Kraft Group, the owner of the LA Dodgers, the LA Lakers and the LA Sparks, Todd Boehly, and Dallas Cowboys’ owners, the Jones family.
Other high-profile investor companies which gave their backing to the fund include DraftKings, Madison Square Garden Sports, Madison Square Garden Entertainment, Actros Sports Partners and Fenway Group.
Speaking about the announcement, Drive by DraftKings CEO and Managing Partner Meredith McPherron outlined the venture capital firm managed to gain support from a group of prominent investors who “embrace our vision to facilitate growth and innovation in sports tech and entertainment.”
Through our relationship with DraftKings, as well as other iconic brands in sports and gaming via our limited partners and advisors, we are well positioned to accelerate the most ambitious new ventures at the frontier of these industries.”Meredith McPherron, CEO and Managing Partner, Drive by DraftKings
The venture capital firm already narrowed its investment interest to four industry themes: human performance, sports and gaming, media and fan engagement and data analytics and monetization. Its current portfolio features companies like Cardless, Elite HRV, Evaluate.Market, Guidesly, Just Women’s Sports, Muxy, Papaya Gaming, PickUp, StreamLayer, Tappp, Toya, VidMob and fitness wristband maker WHOOP, which hit the $1-billion valuation mark last year.
To support its investment strategy, Drive by DraftKings created a network of high-profile figures in the world of sports, All-Star Network, among which three-time Olympic ice hockey medalist Hilary Knight, 11-time NFL Pro Bowl wide receiver Larry Fitzgerald and former professional tennis player James Blake.
On and off the ice, I do everything I can to help level the playing field and promote women’s sports. Joining the All-Star Network is another way I can actively support the trailblazing entrepreneurs in our industry through their game-changing startups and technologies in sports tech.”Hilary Knight
MLB and Actros Sports Partners CEO Theo Epstein, President and CEO of Boston Red Sox Sam Kennedy, co-owner of Sacramento Kings Andy Miller, co-founder and President of Angel City FC Julie Uhrman, Duke University’s Fuqua/Coach K Center on Leadership & Ethics Executive Director Sanyin Siang and YouTube gamer Elliott Watkins are also part of the All-Star Network.
Technology is changing sports and entertainment so rapidly and if you aren’t close to that change, you’re falling behind,” Actros Sports Partners CEO Theo Epstein noted, explaining that he “joined Drive by DraftKings’ All-Star Network to be connected to the people shaping the future of the industry.”
In an emailed statement, Boston Red Sox President and CEO Sam Kennedy wrote, “It’s a privilege for me to be part of this dynamic, exciting firm that is identifying the next generation of companies in sports tech and entertainment.”