Launched in 2016, the sports brand; Overtime had previously hosted other funding rounds. It raised 80 million dollars during round C of the funding series in the preceding year.
The company presently boasts a value of 500 million dollars after gaining 1oo million from the D series round. The round participants include Blackstone and Sapphire Sport, Bezos Expeditions, and Winslow Capital, with CounterPoint Global in the lead spot.
Presently, the company has an impressive following of 65 million people, garners a view count of about two billion. With its social standing, the company is proceeding to expand its Web3 presence. There are also talks of e-commerce growth through their previously established sports teams, Overtime Elite (OTE) in basketball and OTE, a high school football team led by Liberty Media. As these teams have attracted an audience, it seeks to create other sports leagues with the innovation of digital content expansion.
It is viably supported by a few renowned investors like singers Drake and Quavo and NBA stars Kevin Durant and Trae Young. The company also has other investors, including Thirty-Five Ventures, owned by Rich Kleiman and Carmelo Anthony.
Zack Weiner, the co-founder of Overtime, expressed his gratitude to the investors. He also applauded their commitment and involvement in the company. Overtime intends to maximize its social media channels to focus on the new generation using sports videos and highlights. In addition, the goal is to create a community through their media extensions.
Another co-founder, Dan Porter, gave an update on the company’s development, stating that the investment made by Liberty Media was the primary source of the explosive growth of Formula 1 (an Internet protocol), created the year before. He also acknowledged its significant impact on the sports industry, cementing its readiness for expansion.
Porter also admitted to their difficulty raising the money for that series. But, he stated, ‘it was enormously difficult, I’m not gonna lie. I think that the level of capitalization of companies previously, when interest rates were phenomenally low, was very high, and now things have shifted the other way. But there’s an enormous pressure to make this last for a very long time so that you’re somewhat insulated from the ups and downs of where the market is and where the economy is.’
With their recent financial boost, Overtime can foresee a successful future in the sports market.’
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