NEW YORK: Digital sports media company Overtime has raised another $100 million in a funding round led by Formula 1’s commercial rights holder Liberty Media Corporation.
Overtime announced Tuesday that it raised $100m in Series D funding led by Liberty Media and return investor Counterpoint Global (Morgan Stanley).
Other than Formula 1, ownership stakes in sports and media companies that Liberty Media holds include the Atlanta Braves, SiriusXM and Live Nation Entertainment.
Winslow Capital, who manages more than $30 billion in growth equity strategies is also part of this new funding round. Bezos Expeditions (the personal investment company of Jeff Bezos), Blackstone and Sapphire Sport who were part of previous funding rounds, have added to their investment. Overtime has now raised more than $250 million in total funding.
“This significant investment co-led by Liberty Media, who has fostered the explosive growth of Formula 1, is a real validation of the disruptive sports IP that we have created over the past year,” said Dan Porter, Overtime’s CEO and co-founder. “Our investors, new and previous, see the massive growth potential of Overtime Elite and OT7, both of which have developed hyper engaged audiences, as well as the potential for future sports leagues as well.”
Since its founding in 2016, Overtime has built the largest Gen Z and Millennial sports community in the world. With more than 65 million followers, Overtime’s content receives more than 2 billion video views each month. Overtime has leveraged its differentiated blend of brand, distribution, and content capabilities to create a vertically integrated company uniquely positioned to create and operate sports leagues. OTE (basketball) and OT7 (football) have garnered more than 800 million video views in their first year alone.
“We are excited to be joining the Overtime family who in just a few years have made an industry-wide impact across sports and media,” said Greg Maffei, CEO of Liberty Media. “The creation of two innovative sports leagues, OTE and OT7, in just one year, is remarkable and we look forward to supporting their growth and Overtime’s exciting plans for new disruptive sports IP.”
Liberty Media’s investment in Overtime will be attributed to the Formula One Group.
The funding will be used towards the growth of OTE and OT7, the creation of new disruptive sports leagues, and key business verticals including e-commerce and web3. In addition, Overtime will continue to invest in short form and long form digital content across basketball, football, soccer, gaming, and sneakers.
“This is a dream team of investors and their expertise will be key as we take Overtime to the next level,” said Zack Weiner, Overtime’s president and co-founder. “We have been so fortunate to have investors who see their role as much broader than simply writing a check, and we again are welcoming new investors into the Overtime family who want to dig in and help us build.”
“Overtime’s rapid growth and innovative strategy within sports IP remain key components to Counterpoint Global’s decision to once again participate in this fundraise,” said Abhik Kumar from Counterpoint Global (Morgan Stanley). “We are confident in the management team’s ability to execute a long-term vision by finding new ways to disrupt the sports media landscape, while building a brand that captures the imagination of a next generation audience.”
