Drake, Jeff Bezos and others invest in the sports media company, Overtime, which raised $80 million USD in a Series C fundraising round.
Overtime publishes original sports content on social media platforms namely Snapchat, Youtube, and Facebook. The media company will be placing a portion of the funds into their basketball league Overtime Elite (OTE) that pays 16 to 18-year-old players at least $100,000 USD per year. OTE was announced back in March and the company has managed to raise more than $140 million USD.
Joining the group of investors are NBA stars Devin Booker, Trae Young, Klay Thompson, and Reddit co-founder Alexis Ohanian. Previous investors of OTE are fellow NBA stars Carmelo Anthony, Kevin Durant, and Silicon Valley venture capital firm, Andreessen Horowitz.
“The breadth and diversity of this investment group, including leaders from business, entertainment, technology, and sports, speaks to Overtime’s remarkable growth and our future trajectory,” co-founder and CEO Dan Porter stated. “We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”
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