The (reportedly $150m) investment was made through the recently announced $525m Revolution Growth III fund. In conjunction with the funding, Revolution Growth partner Steve Murray will be joining the board.
Led by Chief Executive Officer Jason Robins, DraftKings is a provider of online fantasy sports. Its core product is a 1-day Fantasy Sports Contest, where users compete against each other to win cash prizes.
It offers free and entry-fee-based games and features daily fantasy sports contests and same-day settlement.