Sports media company Overtime has landed an $80 million fundraising round with investors including Jeff Bezos’ investment company, global entertainer Drake, Reddit co-founder Alexis Ohanian and several National Basketball Association players.
“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,” said co-founder and CEO Dan Porter in a statement. “We believe this is just the tip of the iceberg as we develop new ways for Overtime to engage and entertain the next generation of athletes and fans.”
Overtime is a media company that distributes original sports content on social media, including Snapchat, YouTube and Facebook. The company also sells clothing with its logos and branding. The fundraiser comes more than a month after Overtime announced a paid basketball league for young players.
Bezos Expeditions, the personal investment company of the CEO of Amazon, is one of the companies associated with this funding round. Global investment firm Blackstone, Morgan Stanley and many NBA stars including Devin Booker, Trae Young and Klay Thompson joined the investment round. WNBA star Chiney Ogwumike is also an investor.
To date, Brooklyn-based Overtime says it has raised more than $140 million. In March, the company made headlines when it announced Overtime Elite, a basketball league for 16- to 18-year-olds that allows them to earn at least $100,000 a year.
As of now, players who join will not be eligible for collegiate play. But if OTE players don’t pursue professional careers, OTE will give an additional $100,000 toward tuition. Investors in OTE include Portland Trail Blazers forward Carmelo Anthony, Brooklyn Nets star Kevin Durant and Silicon Valley venture capital firm Andreessen Horowitz.
Overtime said it will use some of the $80 million to pay players and staff salaries, support league startup costs, invest in the NFT sector and improve the app.
The company said its content is streamed more than 1.7 billion times a month across all social platforms. Since its launch in 2016, Overtime said, it has nearly 50 million followers on social media.
“Overtime has built an unparalleled brand and global community in just five years. This fundraising reflects the incredible growth opportunities that come with such a leadership position in the market, including the opportunity to bring Overtime Elite to the world,” said Michael Spirito , a partner at investment firm Sapphire Sport, which led the financing round.