FloSports announces $21.2m funding
August 17, 2016
FloSports has received $21.2 million (€18.7m) in new funding to accelerate the online sports network’s growth into new sports and expand its existing verticals. DCM Ventures and Bertelsmann Digital Media Investments (BDMI) led the financing, with participation from World Wrestling Entertainment (WWE), Discovery Communications and existing investor Causeway Media Partners.
“We want to partner with world-class investors who share our vision to transform sports media,” FloSports co-founder and CEO Martin Floreani said. “It’s exciting that visionaries in the media and OTT space have backed us to achieve this goal. We are the best direct-to-consumer solution for leagues, governing bodies and independent rights holders to monetize their events. In turn, this allows our company to serve millions of sports fans and supports our mission to grow the sports, the athletes, the events and the fans.”
FloSports focuses on live sports and currently operates a subscription-based network of 14 dedicated verticals in sports including wrestling, track, grappling, MMA, elite fitness, boxing, fastpitch softball, gymnastics, basketball, tennis, volleyball, cheerleading and eSports. This year, FloSports has launched four new sites, including FloVolleyball, FloCombat, FloTennis, and FloKO, which covers the Fighting Game Community (FGC).
With the new funding, FloSports now has raised $32.2 million, including an $8 million Series A round from Causeway Media Partners.