FanCode raises $50 million from parent, aims for 100 mn users

FanCode raises $50 million from parent, aims for 100 mn users
Photo Credit: 123RF.com
28 May, 2021

Mumbai based digital sports platform FanCode has raised $50 million (Rs 362 crore) from Dream Sports Investments (DSI), the investment arm of its parent Dream Sports. The capital infusion will further the company’s bid to grow its user based to 100 million by next July.  

“The funding from Dream Sports will help us enhance our existing offerings and invest in further innovation in the sports-tech domain as we scale up to our goal of growing to a user base of 100 million sports fans by July next year,” FanCode co-founder Yannick Colaco said in a statement. 

In October 2020, Dream Sports (Sporta Technologies) acquired sports research platform FanDuniya to accelerate the growth and development of its multi-sports research and statistics service.  

Founded by sports industry veterans Colaco and Prasana Krishnan, FanCode offers interactive live streaming of matches with multimedia commentary, forecasts, news, fantasy sports research and expert opinions. It also has a FanCode Shop for retailing sports merchandise. It provides a personalised experience across sports content, commerce and sports statistics. 

Since its inception in 2019, FanCode has acquired over 20 million users, partnered with sports brands such as the NFL, MLB, Cricket West Indies, New Zealand Cricket, NBA, Bundesliga, IPL teams, and live-streamed nearly 30,000 hours of sports content. It has also established three D2C revenue lines between FC Live (live sports content), FC Shop (official sports fan merchandise), and FC Stats (sports analytics and insights). 

Recent deals in the e-sports segment include Mobile Premier League (MPL) acquiring New Delhi-based GamingMonk in April 2021 and KRAFTON investing Rs 164 crore ($22.4 million) in an equity funding round in NODWIN Gaming.