Sports league startup Overtime closed a $100 million Series D valuing the company at $500 million.
The new cash brings the total amount raised by the 6-year-old company to more than $250 million.
The round was led by Liberty Media Corp. and return investor Morgan Stanley’s Counterpoint Global. Winslow Capital, Bezos Expeditions, Blackstone and Sapphire Sport were part of the round.
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The company is also backed by several pro sports stars. More than 6% of active NBA players—including Kevin Durant and Trae Young—have invested in Overtime, according to the company.
Building a community
Overtime is trying to create a large sports community—mainly focused on Gen Z and millennials—around sports video and highlights on social media channels. The company takes videos of high school games from fans and posts them to accounts that have tens of millions of followers.
The company also has recently started to launch its own sports leagues—Overtime Elite (basketball) and OT7 (football).
“This significant investment co-led by Liberty Media, who has fostered the explosive growth of Formula 1, is a real validation of the disruptive sports IP that we have created over the past year,” said co-founder and CEO Dan Porter in a release. “Our investors, new and previous, see the massive growth potential of Overtime Elite and OT7, both of which have developed hyper engaged audiences, as well as the potential for future sports leagues as well.”
Overtime says it currently has more than than 65 million followers and its content receives more than 2 billion video views each month. The company plans to use the new proceeds to grow both OTE and OT7, the creation of other new sports leagues, and grow its e-commerce and Web3 presence.
Before he co-founded Overtime with Zack Weiner, Porter served as head of digital at William Morris Endeavor (WME).
Illustration: Dom Guzman
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