Bertelsmann Digital Media Investments (BDMI), a corporate venturing subsidiary of media group Bertelsmann, co-led a $21.2m series B round for sports livestreaming subscription platform FloSports with venture capital firm DCM Ventures yesterday.
Sports entertainment organisation World Wrestling Entertainment (WWE), media group Discovery Communications and investment fund Causeway Media Partners also took part in the round, which comes after an $8m investment by Causeway in March 2015.
Founded as FloCasts, the company runs an online subscription service for live sporting events that spans wrestling, track, grappling, mixed martial arts, elite fitness, boxing, softball, gymnastics, basketball, volleyball, tennis, eSports and cheerleading.
BDMI partner Keith Titan said: “As video consumption fragments and everyone from big media companies to individuals on YouTube pursue meaningful monetisation on mobile and the web, FloSports has found a way to capture the passion of athletes and fans to build a thriving subscription business.
“FloSports doesn’t merely stream live competitions, they partner with event organisers and governing bodies to provide top quality original content and in-depth coverage.
FloSports has now raised $32.2m altogether, including $3m supplied by Silicon Valley Bank in June 2015.