Overtime, a New York based startup, announced on 22nd April 2021 that it has raised US$ 80 million in its series C funding round. The round was led by Sapphire Sport and Black Capital along with participation from True Capital Management, Strategic Partners, Rogue Insight Capital, Proof Fund, Micromanagement Ventures and a few angel investors.
Investors: Sapphire Sport is a California, United States, based investment firm that was founded in 1996 by Doug Higgins and Michael Spirito. It is an early-stage investment firm whose investments are directed towards sports media and entertainment technology. Its portfolio includes companies such as Black Duck, Cazoo, DocuSign, Kaltura and more.
Black Capital is another investment firm and it aims to promote the inclusion of African American and other minorities by providing them access to venture capital.
“Overtime has built an unrivalled brand and global community from scratch in just five years. This fundraise reflects the incredible growth opportunities associated with such a market-leading position, including the opportunity to bring Overtime Elite into the world. We are thrilled to welcome this diverse and impactful group of institutional and individual investors to the Overtime family, further enabling the team to continue to build as only they know-how.”— Michael Spirito, partner at Sapphire Sport.
Purpose of investment: The funds from the latest round would be utilised by Overtime to support its internal development around NFTs, sports cards and content. Further, the funds would also be used to support the development of its sports app.
Overtime was founded in 2016 by Dan Porter and Zachary Weiner. It is a sports network for all sports fans and it produces original content on Youtube, Snapchat, Instagram and other channels. It is planning to launch an Overtime Elite Program that pays US$ 100,000 salaries to 16-18 year old basketball players to play in its league.
Coming to numbers, Overtime claims that it has 40+ million followers across 7 of its platforms, around 1.5 billion views every month and 125 employees. A majority of its users of less than 35 years of age and its user base keeps growing.
What the CEO has to say:
“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory. We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”— Dan Porter, co-founder and CEO of Overtime.
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