AlphaDraft, a Los Angeles-based daily fantasy sports platform, raised $5m in funding.
The round was led by Metamorphic Ventures with participation from WME, Upfront Ventures, IDG Ventures, Amplify.LA, KEC Ventures, Freestyle Capital, Gokul Rajaram, SK Ventures, Basset Investment Group, Greycroft Partners, Melo7 Tech Partners and former NBA Commissioner David Stern.
The company intends to use the funds to increase user acquisition, to grow the eSports fantasy draft community, to execute strategic partnerships, and expand its support to five major eSports titles by June 1, 2015. In addition to Riot’s League of Legends, AlphaDraft will offer daily and weekly fantasy draft competitions around ten major eSports professional leagues for Counter-Strike: Global Offensive, Dota 2, SMITE and one additional, soon to be announced, eSports title.
Founded in 2014 and led by CEO Todd Peterson, AlphaDraft is an online platform that combines eSports, live streaming and fantasy sports, with daily and weekly contests for cash and other real-world prizes. Members draft a new team every day without season-long commitments, and play against friends and other fans without having to create their own fantasy leagues. No purchase is needed to register, with the company offering both free and paid contests.