DraftKings is "speaking with investors" about raising another $150-200M in funding in order to "better build out its sports wagering business," according to Dan Primack of AXIOS. DraftKings recently "partnered with Resorts Atlantic City to offer betting in New Jersey, and expects that it will have the required licenses by the start of NFL season." DraftKings is "telling prospective investors that it expects daily fantasy sports to generate most company revenue for years to come, given the relatively slow process of state-by-state approvals for sports wagering." This would be DraftKings' "first round of funding since federal regulators blocked its proposed merger with FanDuel" (AXIOS.com, 6/11). Meanwhile, DraftKings has officially applied for a state license to offer sports betting in New Jersey, and its application has been accepted for filing by the state's Division of Gaming Enforcement (DraftKings).
N.Y.-based business management outfit Kore Software, which works with hundreds of teams, properties, brands and agencies, has closed on an undisclosed investment from S.F.-based private equity firm Serent Capital. The deal represents Kore’s first outside investment, as the firm has been funded to date by CEO Todd Cusolle and Chair Matt Sebal. Serent focuses on high-growth technology and services business, and last fall completed the development of a $572M fund. Serent is also an investor in ArbiterSports, a sports scheduling, registration and payments platform majority owned by the NCAA. “Our company is growing rapidly and can benefit from outside expertise and resources. Partnering with Serent Capital ensures that we can continue our upward trajectory,” Sebal said. Inner Circle Sports LLC advised Kore on the deal, and earlier this year served in a similar role for Teamworks’ $15M Series B funding round led by VC firm General Catalyst.