The meteoric rise of fantasy sports, especially football, has paid off big time for DraftKings, a Boston company that yesterday announced it had raised $24 million in Series B funding.
"We are really excited about the opportunity to grow both the team and the industry," CMO Paul Liberman said in an email. "We've generated strong results through a lot of hard work, and the large funding is a nice validation of our efforts."
The $24 million is one of the largest funding rounds for a consumer-focused company in Boston this year. The company also raised $7 million in May.
Liberman said the company, which offers users the chance to win money through fantasy sports contests, will use the funding to increase its marketing and hire more employees.
"Our employee base will almost double next year, with the vast majority based in Boston," he said.
The company said its users spend more than five hours per week on the mobile app and website and it has awarded more than $50 million in prizes.
Tom Dyal, a partner at Redpoint Ventures, which led the funding, said, "One of the most exciting aspects of venture investing is when we see a company that plays a role in creating a consumer phenomenon. DraftKings is just that sort of company."
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