Sunday December 3, 2023

Overtime Raises $80M from Drake, Bezos, and Others

  • Overtime raised $80 million from Drake, Jeff Bezos, and others in a Series C round.
  • The company targets a young audience through social and digital media channels.
Drake/Design: Alex Brooks
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Overtime raised $80 million in a Series C round and is now valued around $250 million.

The company’s investors could form a competitive NBA team: Devin Booker, Klay Thompson, and Pau Gasol were among 25 current and former NBA players to participate in the latest funding round. They join previous investors Kevin Durant and Carmelo Anthony.

The round also brought in Jeff Bezos, Drake, and Reddit co-founder Alexis Ohanian, and was led by Sapphire Sport and Black Capital.

Overtime produces content for all of the leading social platforms, meeting its audience — 88% under 35 — where they are.

Overtime also recently announced a new basketball league: Overtime Elite, which will pay top high school players at least $100,000 a year plus insurance benefits and allow them to profit off their name and image — a stark contrast to the NCAA. 

The league, comprised of around 30 rising high school juniors and seniors, will also function as a high school, providing classes to work toward a diploma.

However, joining Overtime Elite means forgoing traditional high school or college basketball.

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