Drive by DraftKings Launches $60M Venture Capital Fund
Summary
Raised in six months, the fund was subscribed by investors including: The Kraft Group (New England Patriots), Jones family (Dallas Cowboys), DraftKings Inc. (NASDAQ: DKNG), Todd Boehly (Los Angeles Dodgers, Los Angeles Lakers, Los Angeles Sparks), Madison Square Garden Sports Corp., Madison Square Garden Entertainment Corp., Arctos Sports Partners, and Mike Gordon (Fenway Sports Group). Led by Meredith McPherron, CEO and Managing Partner, Drive by DraftKings supports entrepreneurs advancing the future of play and performance. Members include: • Sanyin Siang (Executive Director of the Fuqua/Coach K Center on Leadership & Ethics at Duke University), Most All-Star Network members are also invested in Drive by DraftKings’ first venture fund. According to MarketsandMarkets, the global sports technology market (including devices, smart stadiums, sports analytics and esports) was valued at $17.9 billion in 2020 with some experts forecasting it to eclipse $40 billion by 2026. According to a Zion Market Research study, the global sports betting market (including retail and online) was estimated at $131.1 billion in 2020 and is expected to grow to $180 billion by 2028.