Marketing firm Viral Nation Inc, which focuses on influencer marketing and includes a robust sports portfolio, announced a major infusion of capital.
Todd Boehly’s Eldridge Industries led a round that contributed more than $198 million to the brand. Maverix Private Equity also participated.
Boehly, co-owner of the Los Angeles Dodgers and Lakers — and one of the preferred bidders for Chelsea FC — is now a part of Viral Nation’s board.
The company boasts a valuation of $515 million, Bloomberg reported.
- Viral Nation will receive a little more than half the funds up front, and the rest in the next year-and-a-half.
- The money will be used for expansion in Europe, Brazil, and Israel, co-founder and CEO Joe Gagliese told Bloomberg.
Gagliese told Bloomberg he expects total revenue to top $174 million this year.
Diving Into NIL
Since college athletes gained the right to profit off their name, image, and likeness in July 2021, Viral Nation has leaned heavily into the college sports space.
Given that more than 60% of NIL activities have focused on “posting content,” according to Opendorse, it made sense for Viral Nation to jump in.
In December, Viral Nation announced it had landed more than $400,000 worth of deals for “athlete-influencer” Anthony Hamilton Jr.