DraftKings raise $41 Million in funding round

Boston based fantasy sports trading start-up DraftKings has raised $41 Million (£25 million) in its latest venture funding round.  The start-up announced on Monday that it had reached its funding targets, as it aims to extend its product range and marketing coverage in the coming months.

Merchant Bank Raine Group specialists in media and technology funding, contributed the majority of the $41 million investment in DraftKings. Other DraftKings investors included Redpoint Ventures, GGV Capital and Atlas Venture.

John Salter, a partner at Raine Group commented on the investment “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.”

“Daily fantasy sports represents a tremendous area for growth in the multibillion-dollar world of fantasy sports, and Raine is pleased to lead this investment round for DraftKings,”

Prior to the latest round of venture funding, DraftKings had raised $35 million (£22 million) in total funding.  Raine Group has made it public knowledge that the funds raised by the start-up will be used to hire developer talent and bolster its product range.

Additionally Raine Group stated that  DraftKings may look to acquire competing enterprises within the fantasy sports sector in the near future.