DraftKings announced a $300 million Series D financing led by FOX Sports on July 27, 2015. Contemporary reporting put the company’s valuation at more than $1.2 billion, but the sources do not say whether that was a pre-money or post-money valuation. It is a historical 2015 figure, not DraftKings’ current valuation.
Who invested in DraftKings’ 2015 round?
FOX Sports led the Series D, according to the DraftKings and FOX Sports announcement. The announcement also named Major League Baseball, the National Hockey League, Major League Soccer, The Madison Square Garden Company, The Dodger Ownership Group, and Legends as participants. Existing investors Atlas Ventures, DST Global, GGV Capital, The Kraft Group, The Raine Group, and Wellington Management Company LLP also participated.
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What did the reported $1.2 billion valuation mean?
GeekWire’s July 2015 report described DraftKings as valued at more than $1.2 billion after the financing. The available reporting does not establish whether the number was pre-money or post-money, so it should not be treated as a precise valuation basis or compared with later figures without that qualification. It also says nothing about the company’s value today.
What FOX-related advertising commitment was reported?
GeekWire reported that DraftKings committed to spend $250 million on FOX advertising over the following three years. That is a reported commercial commitment, not a term confirmed in the available excerpt of the FOX-hosted financing announcement.
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Why did the round attract attention?
The financing came amid rapid growth in fantasy sports. GeekWire cited the Fantasy Sports Trade Association’s estimate of 41.5 million fantasy-sports players in 2014, who spent an average of $111 on games and league costs. Those are broad-market figures, not DraftKings customer totals.
The FOX Sports announcement also said DraftKings expected to award well over $1 billion in prizes in 2015, compared with approximately $300 million in 2014. These were company-stated expectations and historical figures, not independently audited results in the available materials.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
What happened to DraftKings after the funding round?
The 2015 financing was a private-company funding event, separate from DraftKings’ later public-market transaction. In April 2020, DraftKings said it completed a business combination with SBTech and Diamond Eagle Acquisition Corp. and would begin trading on Nasdaq. The company’s April 2020 release describes that milestone; it does not update the 2015 valuation.
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- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
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