Jeff Bezos, Drake and more invest $ 80 million in sports media company Overtime

Raptors Global Ambassador Drake cheered the team on as the Toronto Raptors beat the Philadelphia 76ers 101-96 at the Scotiabank Arena in Toronto.

Richard Lautens | Toronto Star | Getty Images

Sports media company Overtime has secured a $ 80 million fundraising round with investors, including Jeff Bezos’ investment firm, global entertainer Drake, co-founder of Reddit, Alexis Ohanian and players from the National Basketball Association.

“The scope and diversity of this investment group, including business, entertainment, technology and sports leaders, speaks to Overtime’s remarkable growth and our future trajectory,” said Overtime CEO and co-founder Dan Porter in a statement. “We believe this is just the tip of the iceberg as we develop new ways of overtime to connect 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 brands. The increase comes more than a month after Overtime announced a paid basketball league for young players.

Jeff Bezos, CEO of Amazon

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Bezos Expeditions, the personal investment venture of Amazon CEO, is one of the companies linked to this round of financing. Global investment firm Blackstone, Morgan Stanley and many NBA stars, including Devin Booker, Trae Young and Klay Thompson, have joined the investment round. WNBA star Chiney Ogwumike is also an investor.

So far, the overtime in Brooklyn says it has raised more than $ 140 million. In March, the company made headlines when Overtime Elite was announced, a basketball league for 16- to 18-year-olds that enables them to earn at least $ 100,000 a year.

From now on, players who join will not be eligible for play on colleagues. But if OTE players do not pursue a professional career, OTE will provide an additional $ 100,000 for university tuition. Investors in OTE include Portland Trail Blazers forward Carmelo Anthony, Brooklyn Nets star Kevin Durant and Silicon Valley venture capital firm Andreessen Horowitz.

In this handout photo presented by SportsPro, Dan Porter, Overtime speaks at the SportsPro OTT Summit USA 2020 at Turner Studios on February 19, 2020 in Atlanta, Georgia.

John Nowak | SportsPro | Getty Images

Overtime said it will use part of the $ 80 million to help pay the salaries of players and staff, support league start-up costs, invest in the NFT sector and improve the app.

The company told CNBC that its content is streamed more than 1.7 billion times a month on all social platforms. Since its launch in 2016, Overtime has said it has nearly 50 million followers on social media.

“Over five years, Overtime has rebuilt an unparalleled brand and global community. This fundraiser reflects the incredible growth opportunities associated with such a leading position, including the opportunity to bring Overtime Elite into the world,” says Michael Spirito, ” a partner at investment firm Sapphire Sport Partner, which led the round of financing.