A new investment accelerator company backed by DraftKings and three prominent VC firms launches today. Drive by DraftKings, which has initial funding from General Catalyst, Accomplice and Boston Seed, will invest in sports-tech startups through its Venture Studio, while also being a tool for pro athletes who are interested in becoming entrepreneurs and investors through its Athlete Network. Former DraftKings CMO Janet Holian will serve as Drive’s CEO, while venture capitalist and former investment banker Rashaun Williams will be President. Both Holian and Williams are co-founders of Drive.
Williams said he and Holian saw an opportunity to capitalize on the current marketplace, as there is no other entity in the U.S. whose main focus is to accelerate relationships between athletes and tech companies. Holian has been working on the Drive’s launch for six to 12 months, and Williams believes the entity is much further ahead than most other startups are at launch, due to the content it already has in place and the backing it has. While DraftKings and Drive will operate as two separate entities, the new firm will have access to the DraftKings name, content and employees on a select basis. Drive hosted initial VC training sessions for around 25 athletes yesterday and Tuesday at DraftKings’ Boston offices, including former NFLer Matt Light, Bulls F Thaddeus Young and former NBAer Theo Ratliff.
