Jeff Bezos, Drake Among Investors in Sports Media Company Overtime That Raised $80 Million in Latest Fundraising Round
Sports media company Overtime raised $80 million in its latest fundraising round, thanks to Bezos Expeditions, Canadian entertainer Drake, Reddit co-founder Alexis Ohanian and several NBA stars, including Devin Booker, Trae Young and Klay Thompson, reports CNBC.
Based in Brooklyn, Overtime distributes original sports content through social media channels such as YouTube, Snapchat, Facebook, Instagram and TikTok. According to the company website, Overtime boasts over 1.5 billion views per month with over 40 million followers across seven platforms.
“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory,” said Dan Porter, Overtime’s CEO and co-founder, in a statement reported by CNBC. “We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”
The company stated that it has raised more than $140 million to date. This latest round of funding comes a month after the company announced Overtime Elite, a basketball league for teenagers ages 16 to 18 that allows them to earn at least $100,000 per year, reports CNBC.
Overtime announced that the $80 million will be used towards company expansion, including investments in non-fungible tokens, the development of Overtime Elite and the company sports app. According to Overtime, every OTE player will earn a six-figure salary, with a guaranteed minimum salary of at least $100,000 per year, including bonuses and shares of equity in the company.
“Overtime has built an unrivaled brand and global community from scratch in just five years. This fundraise reflects the incredible growth opportunities associated with such a market leading position, including the opportunity to bring Overtime Elite into the world,” said Sapphire Sport Partner Michael Spirito, who led the round, as reported by CNBC.
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