DraftKings

Fantasy Sports Startup DraftKings Raises $24 Million From RedPoint And Others

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Fantasy sports startup DraftKings has just raised $24 million in Series B funding led by Redpoint Ventures, with participation by GGV Capital, Atlas Venture, and BDS Ventures. The funding comes as the company has announced some pretty impressive growth stats. Just 18 months old, DraftKings facilitates fantasy baseball, fantasy football, fantasy basketball, and fantasy hockey matchups online and through a series of mobile apps.

Since August, the company has tripled its customer base — most likely due to the start of fantasy football, basketball, and hockey seasons — and has seen revenue grow 10x year-over-year. About three-quarters of all users who signed up in 2012 came back to use its products again this year, which is pretty impressive, and they’re also pretty well engaged. Users on average spend more than five hours per week using its website and mobile apps.

The new funding was closed just six months after DraftKings raised a $7 million Series A round.