US-based digital sports platform operator Overtime has secured $23m in series B funding from investors including cable and satellite television network MSG Studios, Variety has reported.
The round was led by venture capital firm Spark Capital and included Sapphire Ventures, Macro Ventures, Andreessen Horowitz and past and present basketball professionals Victor Oladipo, Carmelo Anthony and Baron Davis.
Founded in 2016, Overtime creates and provides video content focused on high-school athletes, covering sports such as basketball, football and American football as well as eSports.
The company’s videos generate more than 550 million views per month through social media platforms like Snapchat, YouTube, Twitch, Twitter and Instagram. It will use the funding to support international expansion and the formation of more branded-content deals.
The round values Overtime at approximately $100m, Overtime chief executive Dan Porter told Variety. The company had previously collected $9.5m in a February 2018 series A round led by Andreessen Horowitz.
The series A round included Greycroft, Afore Capital, Box Group, Fitz Gate Ventures, Imagination Capital, 645 Ventures, Tack Ventures and angel investors Kevin Durant, Rich Kleiman, Geoff Yang and Michael Spirito.
Greycroft also led a $2.5m seed round for the company in February 2017 that also featured Afore Capital, Fitz Gate Ventures, 645 Ventures, Correlation Ventures, Ken Miller Capital, Horizons Alpha, Tack Ventures, Chaac Ventures and angel investors Edward Lando, Jordan Levy and David Stern.