Fantasy sports startup FanDuel may soon be worth $1 billion
The New York-based startup just raised a $70 Million Series D round in September 2014 from Karlani Capital, Scottish Investment Bank, Bullpen Capital, Pentech Ventures, Comcast Ventures, KKR, Shamrock Capital Advisors, and NBC Sports Ventures.
Since its founding in 2009, FanDuel has raised $86.2 million.
According to Fortune's Dan Primack, "FanDuel's board of directors has not yet approved a new stock sale, but is talking about a round that likely would add at least another $100 million to the company's coffers. The goal would be to accelerate customer acquisition and pro sports partnership efforts, with an eye toward going public in 2016."
FanDuel is a fantasy sports website for busy or casual fans. It lets users participate in one-day leagues, as opposed to having to commit to season-long leagues. The company says it pays out over $10 million in cash payouts weekly, and has paid out $600 million to date.
We've reached out to FanDuel for comment and will update this story when we hear back.