Media company Chernin Group took part in a $17.5m series B round for Action Network, a US-based operator of a sports betting-focused media platform, on Thursday.
The round was led by investment firm Fertitta Capital and included participation from BitKraft Esports Ventures and 6721 Capital, as well as private investors David Blitzer and Anthony Noto.
Action Network was founded by Chernin Group in 2017 and provides sports gambling news, advice-based articles, betting analysis, real-time odds and betting alerts. It allows users to track bets through its website and mobile app.
Mike Kerns, president of Chernin, has been named the chairman of the company’s board of directors following the round, with Nakisa Bidarian, chief executive of Fertitta Capital, also joining the board.
Mike Kerns said: “We are thrilled to welcome Fertitta Capital, and this exceptional group of sports, media and technology investors into the fold, as we build the next phase of The Action Network.
“The company’s remarkable growth this last year is a testament to our strong leadership team, and this latest financing will help us expand our audience reach and depth of product offerings for years to come.”
Action Network does not appear to have disclosed information about its series A round.