As it looks to enter the leagues of broadcasting giants like ESPN, Austin sports and digital content startup FloSports has closed a $47 million Series C funding round to lock in contracts with new sporting organizations.
The new investment was led by New York-based media giant Discovery Inc. FloSports' existing investors, including Causeway Media Partners, LP, Fertitta Capital, and DCM Ventures, also pitched in on the round -- as did World Wrestling Entertainment and Bertelsmann Digital Media Investments.
The move comes as FloSports continues to gain momentum by continually adding new sporting leagues, events and other content to its portfolio. It provides streaming and on-demand broadcasts, news and analysis of about 25 sports, which stacks up to about 10,000 live events a year. Recent additions include the Colonial Athletic Association, United World Wrestling, the Western Collegiate Hockey Association and several others.
FloSports, which was founded in 2006 and now has about 250 employees, says its revenue has grown by 50 percent year-over-year, as subscriptions and viewing metrics continue to climb.
“We are excited to continue building on the momentum of our recent strong growth, including our best quarter ever,” FloSports CEO & Co-Founder Mark Floreani said in a news release. “With this new round of funding from our investors, we will further enrich underserved sports communities by broadening our existing coverage and expanding into new verticals.”
Prior to this round, FloSports had raised about $32 million in venture capital. It's $21.2 million Series B in 2016 was led by DCM Ventures and Bertelsmann Digital Media Investments.
“FloSports aligns nicely with Discovery’s global direct-to-consumer strategy and provides us with opportunities to apply learnings to our own OTT products. We’re excited to deepen our participation in this growth and innovation story," Bruce Campbell, Discovery's chief development, distribution and legal officer, said.
