FloSports today announced it has received $21.2 million in new funding to accelerate the online sports network’s growth into new sports and expand its existing verticals. DCM Ventures and Bertelsmann Digital Media Investments (BDMI) led the financing, with participation from World Wrestling Entertainment (WWE), Discovery Communications and existing investor Causeway Media Partners.
“We want to partner with world-class investors who share our vision to transform sports media,” FloSports co-founder and CEO Martin Floreani said. “It’s exciting that visionaries in the media and OTT space have backed us to achieve this goal.”
“We are the best direct-to-consumer solution for leagues, governing bodies and independent rights holders to monetize their events. In turn, this allows our company to serve millions of sports fans and supports our mission to grow the sports, the athletes, the events and the fans.”
FloSports focuses on live sports and currently operates a subscription-based network of 14 dedicated verticals in sports including wrestling, track, grappling, MMA, elite fitness, boxing, fastpitch softball, gymnastics, basketball, tennis, volleyball, cheerleading and eSports. This year, FloSports has launched four new sites, including FloVolleyball, FloCombat, FloTennis, and FloKO, which covers the Fighting Game Community (FGC).
In recent months, FloSports has live streamed events such as the PGF National Championships on FloSoftball.com, the 2016 World Jiu-Jitsu IBJJF Championship on FloGrappling.com, the 2016 Pan-American Championship and the 2016 Pan-American Olympic Games Qualifying Tournament on FloWrestling.com, and The Cheerleading Worlds™ and The Dance Worlds™ on FloCheer.com.
“Over-the-top video services will disrupt the media ecosystem from top to bottom over the next 5-7 years,” said Jason Krikorian, General Partner at DCM Ventures and Co-founder of Sling Media. “Of particular interest to me are companies that create content with an authentic voice that appeals to and cultivates passionate communities. FloSports has been exceptional at delivering high-quality live content and original programming, and we are thrilled to be a part of the team as the company extends its exceptional offering to more communities of sports fans.”
With today’s funding, FloSports now has raised $32.2 million, including an $8 million Series A round from Causeway Media Partners.
“As video consumption fragments and everyone from big media companies to individuals on YouTube pursue meaningful monetization on mobile and the web, FloSports has found a way to capture the passion of athletes and fans to build a thriving subscription business,” Keith Titan, partner at BDMI, said. “FloSports doesn’t merely stream live competitions, they partner with event organizers and governing bodies to provide top quality original content and in-depth coverage.”
“What impresses us most is that the FloSports team is part of the community and they are as passionate about the sports they stream as their subscribers. They’ve created a successful model that is a unique and potentially huge global opportunity.”