DraftKings raises $100m in latest funding round
New investment comes from media holding company Eldridge Industries
DraftKings has completed another round of funding, raising more than $100m, according to Bloomberg sources.
The round was led by Eldridge Industries, a media company which owns publications like Billboard and The Hollywood Reporter and is headed up by one of the LA Dodgers’ principal owners, Todd Boehly.
DraftKings CEO Jason Robins said in a statement: “As DraftKings continues to grow and pioneer new ways for sports fans around the world to engage with the teams and players they love, we were looking for a funding partner who could bring additional depth to the table.
“The exceptional team at Eldridge does that through their incredible knowledge and success with media properties, providing a deep bench of experts to help fuel DraftKings’ continuing growth as a sports entertainment company.”
The latest funding round means DraftKings has now raised more than $830m since its inception, according to figures compiled by the Boston Globe, although the current value of the company is still uncertain.
It was estimated to be worth around $1bn back in September 2016, after raising $153m in funding, but has since announced a merger with FanDuel.
That deal is still pending confirmation by competition authorities, with both companies estimating completion at some point in Q3.
FanDuel is also believed to be trying to raise funding.