Fox Co-leads Backing as Raises US$113m

Venture capital firms Greylock Partners and Andreessen Horowitz also took part in the 1st July funding round, which saw total investment in the streaming company increase to US$259 million.

Caffeine confirmed that the additional capital will be used to fund growth and acquire talent for the platform.

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Caffeine has streaming partnerships with several rights holders across traditional sports and gaming competitions. Last year, it signed a broadcast deal with Riot Games for the League of Legends Championship Series (LCS) and has since added a multi-year content partnership with hip-hop star Drake. That deal saw the company secure rights to the New York-based Ultimate Rap League (URL).

The platform’s series C funding round in September 2018 brought in US$100 million of investment from Fox and saw its executive chairman Lachlan Murdoch join the Caffeine board.

That move later saw Caffeine given access to some Fox Sports live content, with German soccer’s Bundesliga top flight, the all-electric Formula E motor racing series and US college sport’s Big East Conference all being made available.

Earlier Caffeine funding rounds have also included Thirty Five Ventures, the basketball-focused production firm, co-owned by National Basketball Association (NBA) star Kevin Durant and American sports agent Rich Kleiman.

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