It would be an understatement to say that the last 12 months have been a rollercoaster ride for DraftKings, the Boston-based daily fantasy sports company. But despite legal fights across the country, rumors of a merger with its biggest competitor that didn't go anywhere and claims that the industry has imploded, investors are still bullish on the company.
On Thursday, Fortune's Dan Primack reported that DraftKings has raised a $153 million round that includes existing investors like Accomplice and The Kraft Group. But it also includes new investors like Revolution Growth, the venture capital firm co-founded by AOL co-founders Steve Case and Ted Leonisis. Leonsis is also the founder of Monumental Sports, which owns the Washington Wizards and Washington Capitals.
"Revolution Growth is a tremendous new partner for DraftKings, with an entrepreneurial outlook and spirit of innovation that meshes perfectly with the culture of our company," Jason Robins, DraftKings' co-founder and CEO, told Primack.
As part of the funding round, Revolution Growth's Steve Murray will join DraftKings' board. Murray, who is based in Boston, joined Revolution in January.
Primack reported that the new round puts DraftKings' valuation lower than the roughly $2 billion value it had after raising last summer's round, citing multiple sources.
