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Daily Fantasy Sports Site FanDuel Closes $4 Million Series B Investment

Mike Butcher

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Mike Butcher is the European Editor for TechCrunch. A former grunge rock drummer, he became a long time journalist, and has since written for UK national newspapers and magazines including The Financial Times, The Guardian, The Times, The Daily Telegraph and The New Statesman. Mike is also a co-founder and shareholder of TechHub, a co-working space/service/community with several locations... → Learn More

Wednesday, September 7th, 2011
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With a new NFL season starting tomorrow, it’s good timing for daily fantasy sports operator FanDuel to close a $4 million Series B investment round led by venture capital firm Piton Capital. Existing investors Pentech Ventures and the Scottish Investment Bank. The company will use the majority of the funds on product development and hiring.

FanDuel’s growth is reflected in its payouts going up from $1.5 million last season to over $10 million in league winnings.The company has also just opened an office in New York, complementing existing offices in Edinburgh and San Francisco.