Wednesday September 3,2014 : DRAFTKINGS COMPLETES VENTURE FUNDING ROUND
Reaches target of $41 Million
Boston-situated fantasy sports start-up DraftKings has closed its latest venture funding round having reached its target of $41 million, the majority contributed by media and technology focused merchant bank, the Raine Group.
“DraftKings has established the optimal mix of cutting edge technology, broad industry knowledge and a deeply loyal user base to further push its leadership in this space, and we are delighted to partner with them as they continue to expand,” commented John Salter, partner at Raine Group.
The company will use the injection to expand its product offer, further develop its mobile channel, step up its marketing drive and hire developer talent.
Raine Group said DraftKings will continue to have its eye on competitor acquisition opportunities within the sector, the latest of which is the acquisition of daily fantasy sport operator StarStreet's assets. StarStreet's founders are reportedly moving on to other opportunities.