Drive by DraftKings raises first venture fund worth $60m

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Multi-stage venture capital firm Drive by DraftKings has raised its first venture fund of $60m with the backing of high-profile owners, organizations, investors and athletes across the sports and entertainment industries.

Raised in just six months, the fund is oversubscribed by 20% with investors including: The Kraft Group (New England Patriots); Jones family (Dallas Cowboys); DraftKings Inc; Todd Boehly (Los Angeles Dodgers, Los Angeles Lakers, Los Angeles Sparks); Madison Square Garden Sports Corp; Madison Square Garden Entertainment Corp; Arctos Sports Partners; and Mike Gordon (Fenway Sports Group).

Meredith McPherron, Drive by DraftKings CEO and Managing Partner, commented: “We are proud and excited to have assembled this roster of prominent investors. Not only do they embrace our vision to facilitate growth and innovation in sports tech and entertainment, they also provided the capital to join our mission.

“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.”

Drive by DraftKings has identified four investment themes across the industry, comprising human performance, sports and gaming, media and fan engagement, and data analytics and monetization.

The firm’s current portfolio includes Cardless, Elite HRV, Evaluate.Market, Guidesly, Just Women’s Sports, Muxy, Papaya Gaming, PickUp, StreamLayer, Tappp, Toya, VidMob, and WHOOP.