The venture capital firm, Drive, has confirmed the raising of its first fund of $60m.
The firm aims to invest in sporting technology and entertainment and is backed by some of the industry’s biggest players. Investors such as The Kraft Group, Fenway Sports Group president Mike Gordon, Dodgers co-owner Todd Boehly, and the Jones family of Dallas Cowboys fame have all contributed their considerable assets to the DraftKings led group.
“I think it gives (investors) a lot of confidence that we will see everything, that we will have high-quality deal flow, access and the ability to accelerate our companies in a way that really gives them the edge,” said Drive CEO Meredith McPherron.
“I think the interest in having us on the cap table extends beyond the capital into the strategic access that we have into the space.”
Concurrently, Drive has announced the launch of All-Star Network, an advisory group consisting of MLB executive Theo Epstein, Red Sox president Sam Kennedy, NWSL Angel City co-founder Julie Uhrman, and NEG Esports CEO Andy Miller.
This team of advisors will aim to support Drive’s investment strategy, with the majority of the nine-person group being personally invested in the venture capital initiative.
First founded in 2019, Drive has received investment from DraftKings and three venture capital companies. Presently, it is invested in 13 different projects including PickUp, Whoop and Cardless.
