Overtime Sports Inc. has secured $80 million in Series C funding from a variety of investors, including NBA stars Devin Booker and Pau Gasol, rapper/entertainment mogul Drake, Amazon founder Jeff Bezos, and others.
The new round of funding brings Overtime’s estimated value to roughly $250 million, per The Wall Street Journal.
Why the need for $80 million?
Well, Overtime plans to launch its own high-school league in the fall – and hopes to break into the sports betting/NFT market in the near-future.
“What we are trying to do is build an amazing media property that we feel hundreds of millions of young people will want to watch,” Zack Weiner, co-founder and president of Overtime said.
Overtime currently serves as a distributor of basketball, reality-TV, soccer, and E-Sports content.
According to The Wall Street Journal, about “two-thirds of Overtime’s revenue comes from advertising, with the rest coming from e-commerce.”
Investors likely believe that Overtime will continue to grow its audience to scale with more advertisements, thus creating a significant return on capital.
There’s certainly no doubt that Overtime is looking to grow its operations – and it will be curious to see how all of their different ventures fare in the long term.