The North American sports market is worth $80.5 billion, and as technology evolves it’s no surprise that the sports tech sector is rapidly growing too. Recent data reports that the global sports technology market is expected to double by 2026 with a valuation of $40.2 billion. Brooklyn-based Overtime, a sports and digital-first entertainment company, has been actively building in the sector since 2016.
On Tuesday, Overtime announced it raked in $100 million in a Series D funding round led by Liberty Media, the parent company of the Atlanta Braves, SiriusXM and Live Nation Entertainment. The Series D round brings Overtime’s total funding to date to over $250 million.
Overtime produces original, digital-first sports media content that reaches 1.5 billion viewers, primarily made up of Gen Z and millennials, per month, according to a company statement. It also owns basketball league OTE and football league OT7.
This isn’t the first time the company has pulled in a star-studded round either. Just last year Overtime raised $80 million in a Series C round from Amazon CEO and billionaire Jeff Bezos and rapper Drake, among other investors.
Other big-name existing investors on Overtime’s board include rapper Quavo and NBA stars Carmelo Anthony, Kevin Durant and Trae Young.
“This is a dream team of investors and their expertise will be key as we take Overtime to the next level,” Zack Weiner, Overtime president and co-founder, said in a statement. “We have been so fortunate to have investors who see their role as much broader than simply writing a check, and we again are welcoming new investors into the Overtime family who want to dig in and help us build.”
According to a company statement, Overtime will be using its new capital to grow its basketball and football leagues. The company also plans to expand the creation of new sports leagues into e-commerce and Web3. Additional funds will go toward developing digital media content about basketball, football, soccer, gaming and sneakers.
“We are excited to be joining the Overtime family, who in just a few years have made an industry-wide impact across sports and media,” Liberty Media CEO Greg Maffei said in a statement. “The creation of two innovative sports leagues, OTE and OT7, in just one year is remarkable and we look forward to supporting their growth and Overtime’s exciting plans for new disruptive sports IP.”
