Daily Fantasy Sports Company FanDuel Closes $70M Round Of Venture Capital
FanDuel, a N.Y.-based daily fantasy sports company, has closed on a $70M Series D round of venture capital financing, a mammoth round that further highlights the explosive growth for daily fantasy sports. The round also arrives just days after DraftKings Inc., a key rival of FanDuel, closed on its own $41M venture capital round. The FanDuel investment was led by Shamrock Capital Advisors with NBC Sports Ventures, KKR and several other existing investors, while Comcast Ventures also participated. The deal brings FanDuel’s total capital to date to $88M. NBC Sports Group Senior VP & Digital Media GM Rick Cordella has joined as a board observer of FanDuel. Shamrock Capital Advisor partner Mike LaSalle and principal Alan Resnikoff also have joined the company’s BOD. “This level of investment ... is a testament to FanDuel’s leadership in the one-day fantasy sports industry and the growth potential within this space,” said FanDuel CEO Nigel Eccles. Daily fantasy sports trades on teams picked for one day or one week instead of traditional, commissioner-style fantasy sports leagues that happen over an entire real-life season. FanDuel expects to pay out more than $400M in prizes this year, up sharply from ’13. L.A.-based Shamrock was founded as the investment arm for the family of the late Roy Disney.