FanDuel raising new money from insiders
AP Photo/Kathy Willens
Fantasy sports site FanDuel is in the process of raising between $30 million and $40 million in new financing from existing investors, Axios has learned. The deal would be structured as a convertible note. A FanDuel spokeswoman declined comment.
Why now: This fundraising comes two months after FanDuel and DraftKings terminated their merger agreement, due to objections from federal antitrust regulators. New York-based FanDuel had suspended fundraising activities in anticipation of the merger, which had valued each company at $1.2 billion, so this is really just a restart of an old process.
Money history: Prior to this round, FanDuel had raised over $400 million in funding from firms like KKR, Google Capital, Shamrock Capital Group, Time Warner Investments and Comcast Ventures.