FanDuel, Inc., a New York-based daily fantasy sports game operator, closed a $11M Series C financing.
Backers included new investor Comcast Ventures, existing investors Piton Capital, Pentech Ventures, Bullpen Capital and serial investor Richard Koch. In conjunction with the deal, Andrew Cleland, a partner at Comcast Ventures, the venture capital arm of Comcast Corporation, has joined FanDuel’s board.
The company intends to use the funds to expand their teams in New York and Edinburgh (read here), and to continue to introduce new features to their players across North America.
Launched in 2009 by Lesley Eccles and CEO Nigel Eccles, FanDuel provides fantasy football, baseball, hockey and basketball contests that last one day. It enables consumers to draft fantasy sports teams at any time in head-to-head or multi-player contests. Players pay an entry fee for each contest and vie for cash payouts awarded to the player whose team generates the most fantasy points.
Over the past 12 months, the company has developed mobile offerings and signed partnerships with brands such as Sports Illustrated and Sporting News. FanDuel, which also has offices in Edinburgh, employs 40 people.