Media and tech brand Minute Media announced it has raised “tens of millions of dollars” in a funding round that was never announced publically. Sports betting operator FanDuel was among the biggest investors, according to an interview between Minute Media’s chief executive officer Asaf Peled and Axios.
FanDuel and Minute Media Continue Their Work Together
This money will power a multi-year partnership between Minute Media and FanDuel that will see the former company investing in sports betting and the latter in a wider content variety. FanDuel’s general manager and vice president, Adam Kaplan, confirmed that Minute Media investments are “another step forward in trying to take advantage” of the operator’s current position.
Kaplan added that this builds on the partnership between the two parties and will strengthen FanDuel’s content. He also added that as a part of the deal Minute Media will improve the quality and quantity of The Duel material.
The Duel is digital fantasy sports and sports betting news outlet that was created as the result of Minute Media and FanDuel’s first agreement back in 2018. Through The Duel, the two companies have enjoyed a robust partnership.
According to Kaplan, since 2020 FanDuel has had an increase of $10 million in handle thanks to the partnership. FanDuel has received over 560 million views on content that has been distributed by Minute Media Network and on The Duel platform since the latter’s launch. Thanks to this, the operator has reached and engaged new audiences.
Peled from Minute Media also seems glad to have FanDuel as an ally to his company. He believes that sports betting presents an unparalleled opportunity for Minute Media’s growth. The company has been using its tech to reach and engage numerous sports fans and convert them into bettors for FanDuel’s platform. Just this year, Minute Media has written over 9,000 articles for The Duel.
The Companies’ Plans for the Future
When asked by Axion if he thinks the company is currently worth more than a billion dollars, Peled simply replied: “I cannot comment on the valuation, but I think that you probably seem like you know what you’re asking here.”
Minute Media likely envisions going public in the future. Peled didn’t outright confirm this is the current plan but emphasized that scaling the business is the natural progression and that going public definitely isn’t out of question. For now, though, he confirmed that Minute Media’s plans are to reinforce its position on the market through more acquisition deals.
Minute Media isn’t the only one looking for extra deals, though. Kaplan also revealed that since FanDuel is more than content with the Minute Media deal, it may also seek to make additional investments in similar companies or even sign acquisition deals with them.
FanDuel is already a formidable force on the betting market and has numerous partnerships with other media companies. Some of FanDuel’s media partners include Audacy, CBS, Hulu, The Ringer, and Turner Sports. The interest in media partnerships seems to be a trend as FanDuel’s competitors have also been investing heavily in similar deals.