FloSports Lands $21.2 Million in Funding to Expand Sports Coverage

FloSports staff, photo courtesy of the company.

FloSports staff, photo courtesy of the company.

Ten years ago, FloSports started out with just two brothers driving a used van around the country to cover track and field events and wrestling tournaments.

Today, Austin-based FloSports has 165 employees and they report on 14 different sports categories including gymnastics, cheerleading and boxing.

And Monday, the online sports network announced it has closed on $21.2 million in funding for its Series B round. To date, the company has raised $32.2 million in funding.

DCM Ventures and Bertelsmann Digital Media Investments led the latest financing with participation from World Wrestling Entertainment, Discovery Communications and existing investors Causeway Media Partners.

“This investment allows us to add more fuel to our over-the-top model and provides a vote of confidence as we continue in our mission to deliver the sports you love in the breadth and manner that they deserve to be covered,” FloSports cofounder and CEO Martin Floreani wrote in a letter to his community. “We’ll be using the funds to improve our digital platform and add OTT apps like Roku and Apple TV. We’ll be enhancing your user experience and adding new features to our live streams. And we’ll put more resources towards research and development so we can stay on the cutting edge of technology as we continue our mission to bring you more of the sports you love.”

FloSports focuses on covering live events through its subscription-based network. This year, FloSports expanded its cover to include volleyball, combat, tennis and the fighting game community. It live streams events such as the PGF National Championship on FloSoftball.com, the 2016 World Jiu-Jitsu IBJJF Championship on FloGrappling.com, the 2016 Pan-American Championship and the 2016 Pan-American Olympic Games Qualifying Tournament on FloWrestling.com and the Cheerleading Worlds and the Dance Worlds on FloCheer.com.

“Over the top video services will disrupt the media ecosystem from top to bottom over the next 5-7 years,” Jason Krikorian, general partner at DCM Ventures and Co-founder of Sling Media, said in a news release. “Of particular interest to me are companies that create content with an authentic voice that appeals to and cultivates passionate communities.”

“The van my brother and I drove around the country, dreaming of a future where we could easily and instantly access the sports we loved, is still here,” Floreani wrote in his letter. “We parked it behind our office. It reminds us of how far we’ve come, but it also reminds us that we still have roads to travel.”

Trackbacks

  1. […] FloSports, a 10-year-old, Austin, Tex.-based, subscription-based sports media company, has raised $21.2 million in funding co-led by DCM and Berlesmann Digital Media Investments, with participation from World Wrestling Entertainment, Discovery Communications and earlier investor Causeway Media Partners. Silicon Hills has more here. […]

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