29th May, 2021
Digital Sports Platform FanCode made a statement on Friday, that it has raised a fund of $50 Mn from parent company Dream Sports investment arm, and is trying to start and grow a number of sports-technology companies.
Through the investment arm, Dream sports has put forth $50 Million in its in-house content and commerce platforms for sports – FanCode. The company is having an eye on both in-house and external outlets that are not related to Dream 11’s core fantasy gaming business.
Image courtesy- equitypandit.com
Under the supervision of parent company Yannick Colaco and Prasana Krishnan, it was formed in 2019. Which provides sports analysis and content to its 20 Million users. By June 2022, it is aiming to use fresh funds to increase its user base to 100 Million and expand sports content and commerce up to the metro cities.
FanCode is among the most well-known brands of Dream Sports, the unicorn sports technology firm that also owns Dream11, DreamX, DreamSetGo, and DreamPay.
“FanCode is transforming the way sports is consumed online by focusing on long-tail sporting events and personalization of content, commerce, and sports statistics across all sports. We are happy to support FanCode’s efforts in scaling up the business and making sports more accessible to over 800 million fans in India,” CEO and co-founder Harsh Jain said regarding the fund raised by FanCode.
Major users are primarily male, aged between 25-34 years.
The investment is part of Dream Sports’ larger attempt to become a one-stop-shop for sports, and it shows the company’s ambition in diversifying outside its fantasy gaming business. It also corresponds to what Dream Sports CEO Harsh Jain said to ET in March.
“We have no plans to IPO… We want to go public as a sports tech company. For that, we need to have a substantial portion of our business coming from non-fantasy sports,” Jain had said.
“The investment from Dream Sports is a testament to the growth and potential of FanCode, and we look forward to scaling our business, continuing to create unique digital fan experiences, forging more strategic partnerships, and onboarding the best talent.”