Overtime is looking to launch new leagues — and now it has an extra $100 million to make it happen.
The company raised nine digits in a Series D round led by Formula 1 and Atlanta Braves parent company Liberty Media and Morgan Stanley’s Counterpoint Global team.
Overtime created the basketball league Overtime Elite and the football league OT7. The company generates revenue through sponsorships, licensing, e-commerce, and media rights.
- Existing investors including Jeff Bezos, Sapphire Sport, and Blackstone upped their stakes.
- Overtime has raised $250 million to date and claims over 6% of active NBA players have invested, including Kevin Durant, Carmelo Anthony, and Trae Young.
- Other investors include Winslow Capital, Spark Capital, Black Capital, Alexis Ohanian, Drake, Quavo, and Micromanagement Ventures, co-founded by late former NBA commissioner David Stern.
“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 Overtime CEO and co-founder Dan Porter.
Leagues of Their Own
Overtime said it will use the new capital to grow its two existing leagues and launch new ones. It will devote resources to e-commerce and Web3 while continuing to invest in content around football, basketball, soccer, gaming, and sneakers.
The company boasts 65 million social followers and 2 billion monthly video views.