DraftKings, Inc., a Boston, MA-based provider of daily fantasy sports online and in mobile featuring daily contests and same-day settlement, closed a $24m Series B funding.
The round was led by Redpoint Ventures, with participation from GGV Capital, Atlas Venture, and BDS Ventures.
The company plans to use the capital to fund marketing and acquisition, develop strategic partnerships, and to hire new people.
Founded in 2012 and led by Jason Robins, CEO, DraftKings provides an online gaming platform where players engage in daily fantasy sports competitions across baseball, football, basketball, and hockey. It offers free and pay contests every day that pay cash prizes.
According to a written note, players currently spend over five hours per week on the mobile app and website, and compete in an average of 2.6 different sports.