Total amount raised
$215.1 Millions
Latest funding date
08/01/2022
Location
Overtime has successfully raised funds through multiple rounds, with the latest being a Series D round closed on August 9, 2022. The company is backed by a significant number of investors, including notable names like Liberty Media, Blackstone Group, Andreessen Horowitz, and Kevin Durant.
Keep reading to explore the intricacies of Overtime's fundraising journey and the investors backing this innovative sports media platform.
What Is Overtime?
Overtime, founded in 2008 by Dan Porter and Zachary Weiner, is a sports network based in Brooklyn, New York. The company produces original content across platforms like YouTube, Snapchat, and IGTV, as well as short-form content on Instagram and TikTok.
With a workforce of 101-250 employees, Overtime has expanded its presence to multiple locations, including Los Angeles, Chicago, and Atlanta. The company focuses on creating engaging sports-focused series and content for the next generation of sports fans.
Overtime's innovative approach to sports media has positioned it as a key player in the industry, attracting a significant following and numerous investors.
How Much Funding Has Overtime Raised?
- Debt Financing
- Amount Raised: $25K
- Date: May 12, 2008
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial capital for operational expenses and early-stage development.
- Debt Financing
- Amount Raised: $20K
- Date: June 1, 2009
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue funding early operations and development.
- Debt Financing
- Amount Raised: $25K
- Date: February 1, 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further support operational costs and growth initiatives.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 4, 2011
- Lead Investors: Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and market entry.
- Seed Round
- Amount Raised: $2.5M
- Date: February 22, 2017
- Lead Investors: Afore Capital, Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand content production and distribution capabilities.
- Series A
- Amount Raised: $9.5M
- Date: February 14, 2018
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance content offerings.
- Series B
- Amount Raised: $23M
- Date: February 15, 2019
- Lead Investors: Andreessen Horowitz, Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and develop new content verticals.
- Series C
- Amount Raised: $80M
- Date: April 22, 2021
- Lead Investors: Black Capital, Sapphire Sport
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the company's sports leagues and digital content.
- Series D
- Amount Raised: $100M
- Date: August 9, 2022
- Lead Investors: Liberty Media, Counterpoint Global
- Valuation at Round: $500M
- Motivation Behind the Round: To expand OTE and OT7 sports leagues, create new leagues, and invest in e-commerce and web3.
Total Amount Raised: $215.05M. Current Valuation: $500M.
Key Investors
- Liberty Media Corporation
- Details: Liberty Media Corporation owns interests in a broad range of media, communications, and entertainment businesses. It is known for its significant stakes in companies like Formula 1 and SiriusXM.
- Investment Focus Areas: Media, communications, entertainment.
- Notable Investments: Formula 1, SiriusXM, Live Nation.
- Counterpoint Global (Morgan Stanley)
- Details: Counterpoint Global is a division of Morgan Stanley that focuses on investing in high-growth companies across various sectors. It aims to identify and invest in companies with the potential for significant long-term growth.
- Investment Focus Areas: High-growth companies across various sectors.
- Notable Investments: Shopify, Square, Zoom.
- Blackstone
- Details: Blackstone is a leading global investment firm that specializes in private equity, real estate, and credit. It manages assets for public and corporate pension funds, academic institutions, and other entities.
- Investment Focus Areas: Private equity, real estate, credit.
- Notable Investments: Hilton Worldwide, Ancestry.com, Bumble.
- Bezos Expeditions
- Details: Bezos Expeditions is the personal investment company of Jeff Bezos, focusing on a wide range of sectors including technology, media, and space exploration. It has backed several high-profile startups and ventures.
- Investment Focus Areas: Technology, media, space exploration.
- Notable Investments: Twitter, Uber, Blue Origin.
- Sapphire Sport
- Details: Sapphire Sport is a venture capital firm that invests in early-stage companies in the sports, media, and entertainment sectors. It aims to support innovative startups that are transforming these industries.
- Investment Focus Areas: Sports, media, entertainment.
- Notable Investments: Not specified.
What's Next for Overtime?
Overtime is poised for significant growth, with opportunities to expand its existing sports leagues, Overtime Elite (OTE) and OT7, and to create new leagues. The company also plans to invest in e-commerce and web3, tapping into the growing digital-first content trend. With over 65 million followers and 2 billion video views each month, the potential for growth is substantial.
Future fundraising opportunities seem promising, given the recent $100 million Series D round and the company's ambitious plans. Overtime may attract further investment to support its expansion and innovation efforts. However, challenges such as maintaining its large digital audience and navigating the competitive sports media landscape remain. Successfully launching and sustaining new sports leagues will be crucial for continued success.
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