Jeff Bezos, Drake and others invest $80 million in sports media company Overtime
Raptors Global Ambassador Drake cheers on the team as the Toronto Raptors defeat the Philadelphia 76ers 101-96 at Scotiabank Arena in Toronto.
Richard Lautens | Toronto Star | Getty Images
Sports media company Overtime has secured an $80 million fundraising round from investors, including Jeff Bezos’ investment firm, global entertainer Drake, Reddit co-founder Alexis Ohanian, and several gamers. the National Basketball Association.
“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, is a testament to Overtime’s remarkable growth and our future trajectory,” said the CEO. co-founder and CEO Dan Porter in a statement. “We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage and entertain the next generation of athletes and fans.”
Overtime is a media company that distributes original sports content on social media including Snapchat, YouTube and Facebook. The company also sells clothing with its logos and brand. The fundraiser comes more than a month after Overtime announced a fee-based basketball league for young players.
Amazon CEO Jeff Bezos
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Bezos Expeditions, the Amazon CEO’s personal investment firm, is one of the companies tied to this funding round. Global investment firm Blackstone, Morgan Stanley and many NBA stars including Devin Booker, Trae Young and Klay Thompson have joined the investment round. WNBA star Chiney Ogwumike is also an investor.
To date, Brooklyn-based Overtime said it has raised more than $140 million. In March, the company made headlines by announcing Overtime Elite, a basketball league for 16-18 year olds that earns them at least $100,000 a year.
As of now, players who join are not eligible for college-level play. But if OTE players are not pursuing professional careers, OTE will provide an additional $100,000 for tuition. OTE’s investors include Portland Trail Blazers forward Carmelo Anthony, Brooklyn Nets star Kevin Durant and Silicon Valley venture capital firm Andreessen Horowitz.
In this handout image provided by SportsPro, Dan Porter, Overtime speaks during the SportsPro OTT Summit USA 2020 at Turner Studios on February 19, 2020 in Atlanta, Georgia.
John Nowack | SportsPro | Getty Images
Overtime said it would use a portion of the $80 million to help pay player and staff salaries, support league start-up costs, invest in the NFT sector and improve its app.
The company said its content streams more than 1.7 billion times per month across all social platforms. Since its launch in 2016, Overtime said, it has nearly 50 million social media followers.
“Overtime has built an unparalleled global brand and community in just five years. This fundraising reflects the incredible growth opportunities associated with such a leading market position, including the opportunity to bring Overtime Elite to the world,” said Michael Spirito, a partner at investment firm Sapphire. Sport, who led the funding round.