Sabrina Comms
Drive by DraftKings was founded in 2019 by the leaders of DraftKings, Boston Seed Capital, General Catalyst and Accomplice with a loose thesis around investing in sports tech. It wasn’t until Meredith McPherron took over as CEO the following year, however, that the company began its transformation into a full-fledged venture firm.
“As I started to work with them, I realized it’s not just the structure of the platform, but it’s the soft tissue of how we collaborate and connect and work together that is really special,” McPherron said. “That was the beginning of what is now the Drive by DraftKings venture model that we have.”
She began raising Drive’s first fund in January 2021 and within six months was 20% oversubscribed thanks to investments from the Kraft Group, the Jones family, Todd Boehly, Arctos Sports Partners and Madison Square Garden Sports Corp., among other notable executives and companies. Those investors are part of a deliberate strategy of McPherron’s to ensure the firm and its portfolio companies have access to the industry’s key decision-makers.
With a core focus on gaming, fan engagement and human performance, Drive’s first fund has invested in 17 companies over the last year, ranging from fitness wearable manufacturer Whoop to metaverse gaming studio Toya.
“It’s dramatically accelerated how we engage with and consume the games,” McPherron said. “It’s very exciting, and we’re just getting started.”
— Chris Smith
Meredith McPherron
Chief Executive Officer and Managing Partner, Drive by DraftKings
Born: Boston
Education: Harvard College, AB; Harvard Business School, MBA
Family: Spouse, Matt; children, Max (23), Ben (22) and Eliza (19)
More about Meredith
Advice to my younger self: Let go of who others think you should be. You be you.
Year’s greatest challenge: Having to turn away many inspired founders looking for startup capital.
My leadership style is inspired by … : My father.
I wish I’d known at my career’s start: That technology would change the world at the pace it has. I would have learned to code early as a second language.
Advice to a young person looking to work in sports business: Be a student of the game/industry (articles, Twitter, podcasts, events). Get connected (use your social graph to map your way into opportunities). Get your foot in the door early at an entry-level position. Find great mentors that will guide, develop, and advocate for you in the space.
Change I’d make related to women working in sports: Establishing even greater community for women with other women at all levels. Working together to help each other personally and tackle the bigger systemic issues together.
