Last year, sports league startup Overtime raised $80 million in its Series C funding round, as AfroTech previously reported. For 2022, the company backed by Drake and Jeff Bezos is evolving even further.
Overtime raised $100 million in its Series D funding round, according to a press release. The round was led by Liberty Media Corporation and Counterpoint Global and included investors such as Bezos Capital, Winslow Capital, Blackstone and Sapphire Sport.
With the new funding, the leading sports brand is moving into Web3 and e-commerce, according to the statement. Additionally, it will expand its Overtime Elite (OTE) basketball league, OT7 high school football league, new sports leagues, and its digital sports content – both abridged and long-form.
“This significant investment co-led by Liberty Media, which has driven the explosive growth of Formula 1, is true validation of the disruptive sports intellectual property we have created over the past year,” said Dan Porter, CEO and co-founder of Overtime. , in a report. “Our investors, new and old, see the massive growth potential of Overtime Elite and OT7, both of which have developed hyper-engaged audiences, as well as the potential for future sports leagues as well.”
As previously shared by AfroTech, the Atlanta-based three-team league aims to transform the world of sports as we know it in the near future. Moreover, his young basketball players would earn $100,000 and more.
In total, Overtime has raised over $250 million in overall funding. In addition to Drake and Bezos, he’s backed by Alexis Ohanian, Kevin Durant, and Thirty Five Ventures of Rich Kleiman, Carmelo Anthony, Trae Young, Quavo, and more.
“This is a dream team of investors and their expertise will be essential as we take Overtime to the next level,” Overtime Chairman and Co-Founder Zack Weiner said via press release. . “We’ve been fortunate to have investors who see their role as much broader than just writing a check, and we welcome back new investors to the Overtime family who want to dig in and help us build.”