Online sports video platform Overtime has announced that it raised US$23 million in its Series B funding round from a group of current and new investors.
The round was led by venture capital firm Spark Capital’s Bijan Sabet, while other investors included media company MSG Networks, Silicon Valley-based tech investment firm Andreessen Horowitz and National Basketball Association (NBA) players Carmelo Anthony and Victor Oladipo.
The two-year-old company has raised US$33.5 million to date, with previous early investments coming from the likes of Twitter, Tumblr and former NBA commissioner David Stern.
Overtime was founded in 2016 by chief executive Dan Porter, formerly head of digital at agency giant WME, and president Zack Weiner, an ex-chess champion. The Brooklyn-based firm launched with short-form, mobile-friendly content focused on high school basketball stars but has now expanded that coverage to include soccer, football, esports and women’s basketball.
‘We founded Overtime to build the biggest sports network in the world,’ Porter wrote in a published letter to users. ‘And we have made tremendous progress – thanks to our proprietary mobile camera capture technology, our grassroots efforts to literally be at thousands of gyms and fields worldwide, and thanks especially to our powerful community of athletes and fans.’
Porter said that Overtime now has a valuation of around US$100 million on the back of its latest funding round. The company also claims that its social media following has ballooned to more than six million, with more than 550 million views per month.
‘The opportunity to build a new global sports network is massive,’ Porter’s letter added. ‘That’s why over the past year, we have expanded our focus to cover far more than just highlights. We have invested heavily in longer-form series, launching four on Snapchat and 13 on YouTube, many with 20-minute episodes and some now in their second and third seasons.’