Jeff Bezos, Drake and others are investing $ 80 million in sports media company Overtime

Raptors global ambassador Drake encourages the team, while the Toronto Raptors defeated the Philadelphia 76ers 101-96 at the Scotiabank Arena in Toronto.

Richard Lautens | Toronto Star | Getty Images

Sports media company Overtime secured a $ 80 million round of fundraising with investors, including Jeff Bezos’ investment firm, global animator Drake, Reddit co-founder Alexis Ohanian, and the National Association of Severe Players. Basket-ball.

“The breadth and diversity of this investment group, including business, entertainment, technology and sports leaders, speaks to Overtime’s remarkable growth and future trajectory,” Dan Porter, CEO and co-founder of Overtime, said in a statement. “We believe this is just the tip of the iceberg, as we develop new ways in which additional programs can engage and entertain the next generation of athletes and fans.”

Overtime is a media company that distributes original sports content on social networks, including Snapchat, YouTube and Facebook. The company also sells clothing with its logos and brands. The increase comes more than a month after Overtime announced a paid basketball league for young players.

Amazon CEO Jeff Bezos

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Bezos Expeditions, the personal investment firm of the CEO of Amazon, is one of the companies related to this round of financing. Global investment firm Blackstone, Morgan Stanley and many NBA stars, including Devin Booker, Trae Young and Klay Thompson, have joined the investment round. WNBA star Chiney Ogwumike is also an investor.

To date, Brooklyn-based Overtime says it has raised more than $ 140 million. In March, the company came out on top when it announced Overtime Elite, a basketball league for 16- to 18-year-olds that allows them to earn at least $ 100,000 a year.

From now on, joining players are not eligible for collegiate games. But if OTE players do not pursue a professional career, OTE will provide an additional $ 100,000 for college tuition. OTE investors include Portland Trail Blazers striker Carmelo Anthony, Brooklyn Nets star Kevin Durant and Silicon Valley venture capital firm Andreessen Horowitz.

In this sheet provided by SportsPro, Dan Porter, Overtime speaks during the SportsPro OTT Summit USA 2020 at Turner Studios on February 19, 2020 in Atlanta, Georgia.

John Nowak | SportsPro | Getty Images

Overtime said they will use part of the $ 80 million to help pay the salaries of players and staff, to support the costs of launching the league, to invest in the NFT sector and to improve its application.

The company told CNBC that its content is broadcast more than 1.7 billion times a month on all social platforms. Since its launch in 2016, Overtime has said it has nearly 50 million followers on social media.

“Overtime has built an unparalleled brand and global community from scratch in just five years. This fundraiser reflects the incredible growth opportunities associated with such a market leadership position, including the opportunity to bring Overtime Elite into the world.” , said Michael Spirito, a partner at investment firm Sapphire Sport Partner, who led the funding round.