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Fantasy sports DraftKings closes USD24 million round

November 26
7:58 PM 2013

Fantasy sports startup DraftKings raised USD24 million in a funding round led by RedPoint Ventures. GGV Capital, BDS Ventures, and Atlas Venture also participated in the round, according to VentureBeat.

DraftKings holds cash-prize fantasy sports competitions in football, baseball, hockey, and basketball. The game also features same-day settlement for the winners. For this year alone, the startup has paid out over USD50 million to thousands of winners. The game can be played either on mobile devices or on the web, the report stated.

The online game firm was founded in April 2012 and is currenty based in Boston. The company employs 35 employees. To date, DraftKings has raised USD35 million in funding, said the report.

The Boston startup plans to use the new capital to fund marketing and acquisition activities. The firm also plans to develop strategic partnerships and hire new people in their team.  According to DraftKings, it has already tripled its client base since the end of August. The firm also said its year-over-year revenue has increased 10 times, VentureBeat reported.

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