DraftKings Nabs $100M While Awaiting FanDuel Merger Approval: Report

Xconomy Boston — 

[Updated 3/17/17, 9:26 a.m. See below.] DraftKings has raised more than $100 million in a new funding round, according to a report from Bloomberg.

The Boston-based online fantasy sports company confirmed to Xconomy that it closed a Series E1 funding round led by Eldridge Industries, but the e-mailed statement from DraftKings didn’t specify the size of the round.

An SEC filing indicates the company raised $118.6 million in equity funding. [This paragraph added.]

Xconomy couldn’t find a website for Eldridge Industries, but Reuters reported last year that the company owns Dick Clark Productions, The Hollywood Reporter, and Billboard magazine. Eldridge’s majority owner and CEO is Todd Boehly, who is also part-owner of the Los Angeles Dodgers.

“As DraftKings continues to grow and pioneer new ways for sports fans around the world to engage with the teams and players they love, we were looking for a funding partner who could bring additional depth to the table,” DraftKings CEO Jason Robins (pictured above) said in a prepared statement. “The exceptional team at Eldridge does that through their incredible knowledge and success with media properties, providing a deep bench of experts to help fuel DraftKings’ continuing growth as a sports entertainment company.”

DraftKings declined to comment on its latest valuation.

The investment comes as DraftKings awaits federal approval of the company’s proposed merger with rival FanDuel, based in New York, which would create a juggernaut that would control an estimated 90 percent of the paid fantasy sports market. Click here for more on that deal.