FanDuel, a one-day fantasy sports games site, has closed its Series E financing raising $275 million.
The company has experienced fast growth in the U.S and this recent financing round places its valuation at $1bn.
Contributors included KKR, Google Capital and Time Warner as a number of NFL and NBA team owners also participated.
The company’s product is solely marketed in the U.S and Canada and offers one-day game options for major North American sports such as the NFL, NBA, MLB the NHL and college football and basketball.
FanDuel was originally a spin-out from Edinburgh University and employs 90 people in Scotland and a further 150 in the U.S. Although it is now based in New York City, it has a UK office in Edinburgh which houses most of its engineering, development and design teams.
The fantasy sports market can often be exciting at first for users, but participation levels drop off as a season drags on and your team starts to perform badly.
The idea behind FanDuel is that fans can participate in one-day leagues for a fee and win prizes, removing the delayed satisfaction of entering at the start of a season and hoping your team and players perform.
The company has said that it will use the financing to increase customer acquisition efforts and to accelerate new products and features.
