Drake-Backed Sports League Startup Overtime Raises $100M In Series D Funding Round As It Looks To Expand Into Web3

Just last year, sports league startup Overtime raised $80 million in its Series C funding round, as previously reported by AfroTech. For 2022, the Drake and Jeff Bezos-backed company is scaling even further.

Overtime has raised $100 million in its Series D funding round, according to a press release. The round was led by Liberty Media Corporation and Counterpoint Global and included investors such as Bezos Capital, Winslow Capital, Blackstone, and Sapphire Sport. 

With the new funding, the leading sports brand is diving into Web3 and e-commerce, per the release. Additionally, it will expand its Overtime Elite (OTE) basketball league, OT7 high school football league, new sports leagues, and sports digital content — both short-form and long-form. 

“This significant investment co-led by Liberty Media, who has fostered the explosive growth of Formula 1, is a real validation of the disruptive sports IP that we have created over the past year,” said Dan Porter, Overtime’s CEO and co-founder, in a statement. “Our investors, new and previous, see the massive growth potential of Overtime Elite and OT7, both of which have developed hyper-engaged audiences, as well as the potential for future sports leagues as well.” 

As previously shared by AfroTech, the three-team Atlanta-based league aims to transform the world of sports as we know it in the near future. What’s more, its young basketball players are reportedly making $100,000 and over.

In total, Overtime has raised over $250 million in funding overall. In addition to Drake and Bezos, it’s backed by Alexis Ohanian, Kevin Durant and Rich Kleiman’s Thirty Five Ventures, Carmelo Anthony, Trae Young, Quavo, and more.

“This is a dream team of investors and their expertise will be key as we take Overtime to the next level,” said Overtime President and co-founder Zack Weiner via a press release. “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.”