FanDuel, a daily fantasy US sports game operator spun out of Scotland’s Edinburgh University, has raised $11m in its series C round from a consortium including cable operator Comcast’s corporate venturing unit.
Alongside Comcast Ventures, which led the round, were venture capital firms Piton Capital, Pentech Ventures and Bullpen Capital and angel investor and management consultant Richard Koch, who had previously backed gambling company Betfair.
Andrew Cleland, a partner at Comcast Ventures, has joined FanDuel’s board and said: “We see a clear opportunity to introduce the game to a broader set of sports fans and I’m excited to begin working with the company.”
With more than 30 million people playing fantasy sports where winners are announced each day, FanDuel has partnerships with Sports Illustrated and Sporting News and last year paid out $50m in league winnings, up from $10m in the previous year.
FanDuel received seed funding from Pentech Ventures and the state-backed Scottish Enterprise Fund, while Piton Capital joined a further funding round in 2011.