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DraftKings Seals $150 Million in Funding Amid Legal Battles

  • VC co-founded by owner of Washington Capitals joins investors
  • Daily fantasy sports site still faces regulatory hurdles

Fantasy-sports company DraftKings Inc. closed $150 million of new funding Thursday in an oversubscribed round that included Revolution Growth, the venture firm co-founded by sports magnate Ted Leonsis, according to Chief Executive Officer Jason Robins.

The fresh capital builds upon previous funding from investors including the Kraft Group, which owns the New England Patriots, Madison Square Garden Co. and a venture arm of Major League Baseball. Washington-based Revolution joined in this round and added partner Steve Murray to DraftKings’ board. Leonsis is majority owner of the National Basketball Association’s Washington Wizards and the Washington Capitals of the National Hockey League. Revolution also is an investor in Sportradar, a Swiss sports data startup.