DraftKings, Inc., a Boston, MA-based online gaming platform, closed a $41m Series C round of funding.
The round was led by The Raine Group, with participation from existing investors Redpoint Ventures, GGV Capital, and Atlas Venture.
The company intends to use the funds to further enhance its mobile and online destinations, increase its base of users, continue to attract skilled employees, and offer a richer variety of sports with increased guaranteed contest prizes, including its NFL Fantasy Football Millionaire series.
Launched in April 2012 by Jason Robins, CEO, DraftKings is an online gaming platform where players engage in daily fantasy sports competitions across fantasy football, baseball, golf, basketball, hockey, and college football and basketball.
The company offers free and pay contests every day that award cash prizes. All contests feature a salary cap format, and new contests are offered every day with instantaneous prize distribution for winners.
DraftKings also announced that it has acquired the principal assets of Cambridge, Mass.-based daily fantasy site StarStreet. The acquisition, whose amount was not disclosed, came just one month after the purchased of DraftStreet.