Drive by DraftKings has raised its first-ever venture fund of $60m to invest in sports technology and entertainment.
Backed by some of the industry’s biggest names, including its Co-founder and namesake DraftKings Inc, alongside the Kraft Group, Jones Family and LA Lakers owner Todd Boehly, among many others, the venture capital firm raised the fund in just six months and is oversubscribed by 20%.
“We are proud and excited to have assembled this roster of prominent investors. Not only do they embrace our vision to facilitate growth and innovation in sports tech and entertainment, they also provided the capital to join our mission,” said Meredith McPherron, Drive by DraftKings CEO and Managing Partner.
“Through our relationship with DraftKings, as well as other iconic brands in sports and gaming via our limited partners and advisors, we are well positioned to accelerate the most ambitious new ventures at the frontier of these industries.”
With a current portfolio that includes companies like Cardless, Guidesly and Just Women’s Sports, Drive claims to invest in up-and-coming sports tech and entertainment operations to support “entrepreneurs advancing the future of play and performance.”
To this end, the firm says it has identified four investment themes: human performance, sports and gaming, media and fan engagement and data analytics and monetisation.
Its newly created All-Star Network is designed to support this four-pronged investment strategy, with members from across the world of sport, such as three-time Olympic ice hockey medallist Hilary Knight, 11-time NFL Pro Bowl wide receiver Larry Fitzgerald and MLB exec Theo Epstein.
“Technology is changing sports and entertainment so rapidly and if you aren’t close to that change, you’re falling behind,” remarked Epstein.
“I joined Drive by DraftKings’ All-Star Network to be connected to the people shaping the future of the industry.”