Brooklyn-based digital sports media network Overtime has closed a $23M Series B round of venture capital funding, a move designed to extend the company’s accelerating growth. Spark Capital led the round and was joined by MSG Networks, Andreessen Horowitz’s Cultural Leadership Fund, Afore Capital, Correlation Ventures, Macro Ventures and a group of current and former NBAers including Baron Davis, Victor Oladipo and Carmelo Anthony through his Melo7 Tech II fund. Also participating in the round is the newly created Sapphire Sport, and Overtime is one of the five initial portfolio companies for that high-powered effort. Funds will be used to boost several areas for Overtime, which has quickly grown focusing heavily on millennial and youth audiences, including content development, e-commerce business, live events, and international growth. The Series B funding follows a $9.5M Series A round completed a year ago. Overtime currently generates more than 500 million video views per month, according to internal metrics, roughly five times higher than its rate a year ago. “We see this as really still the beginning for us, and that’s the story we detailed with our investors,” Overtime co-Founder & President Zachary Weiner said. “This was a group of investors that understood entirely where we are now and where we’re going.”
