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The Overtime Series C Funding round speaks to the growth of the company since it was founded in 2016.
Popular American sports media brand, Overtime has secured $80 million in a Series C Funding round featuring prominent investors. According to a CNBC report, the round was backed by Bezos Expeditions, the personal investment firm of Jeff Bezos, the Chief Executive Officer of Amazon.com Inc (NASDAQ: AMZN). Popular musician Drake, Reddit Co-Founder Alexis Ohanian, and several National Basketball Association players also took part in the round.
Overtime runs a distributed sports network and shares content on several social media platforms including Instagram, Facebook, YouTube, and Snapchat amongst others. The firm has huge followership numbering up to 50 million. Besides its media content, Overtime also sells apparel with its logo and branding.
“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,” co-founder and CEO Dan Porter said in a statement. “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.”
Other investors who participated in the round include WNBA All-Star and commentator Chiney Ogwumike, Rogue Insight Capital, and about 25 current and former NBA players including but not limited to Deandre Ayton, Lonzo Ball, Will Barton, Devin Booker, Anthony Edwards, De’Aaron Fox, and Pau Gasol.
Overtime Series C Funding Round Is More Than a 5-Year Growth Testament
The Overtime Series C Funding round speaks to the growth of the company since it was founded in 2016. The funds according to the report will be channeled toward the expansion of Overtime’s business bordering on its Non-Fungible Token (NFT) integration, Trading cards, and the rollout of new and engaging content for its growing fans.
More importantly, Overtime said it will be channeling the funds into the development of Overtime Elite (OTE), the company’s flagship basketball league for athletes within the 16 to 18 year age bracket.
Through the OTE, these groups of athletes may be earning at least $100,000 and the injected funds can help make this possible. Additionally, staffs will be hired to drive the growth of the league and Overtime says it is going to continue investing in its sports app, where fans can get stats, scores, hot insights, humor, culture, kicks, and more, with the goal of having the number one sports app in North America.
“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 Michael Spirito, a partner at investment firm Sapphire Sport Partner, who led the funding round.
Prior to this time, Overtime has raised more than $60 million from early investors, bringing its total funding to $140 million.