US-based online fantasy sports start-up FanDuel, has raised $70m in series D funding in a round featuring the corporate venturing unit of cable television company Comcast.
The round was led by private equity firm Shamrock Capital Advisors. NBC Sports Ventures, a set of NBC-owned businesses, venture capital firms Bullpen Capital, Pentech Ventures and private equity firm Kohlberg Kravis Roberts also participated.
FanDuel host online fantasy sports games where virtual teams play each other. Users pay to ‘manage’ a sports team for a day or a week, rather than a whole season.
The funding will be allocated towards marketing, acquiring a bigger customer base and to expand its teams in New York and Edinburgh, Scotland.
FanDuel is a spin-out of Scotland’s Edinburgh University.
The company raised $11m in a series C round in 2013 from a consortium including Comcast, Piton Capital, Pentech Ventures, Bullpen Capital and private investors.
FanDuel received $4m in series B funding in 2011 from Piton Capital, Pentech Ventures and the Scottish Investment Bank.