Live sports live streamer FloSports raises $47 million for its expansion

FloSports, live sports streaming site, recently claimed that it raised $47 million to grow its coverage of new and existing media. The site also said that the amount is raised from its investors including current partner Discovery Inc.

Other major investor being Causeway Media Partners LP, Fertitta Capital and DCM Ventures. World Wrestling Entertainment Inc. and Bertelsmann Digital Media Investments – a unit of Bertelsmann SE & Co KGaA are strategic investors of FloSports.

FloSports was launched in 2009 to focus on marginalised sports that were not covered so frequently or in depth by mainstream media, specially wrestling,  track and field. The site covers more than twenty spots, including soccer, basketball, volleyball, rodeo, bowling, softball, cheerleading, cycling, ballroom dance and weightlifting.

 Mark Floreani – FloSports CEO and co-founder stated, “We will further enrich underserved sports communities by broadening our existing coverage and expanding into new verticals.”

In 2018, FloSports contracted or extended around 250 media rights deals. It resulted in boosting the number of games available to watch in some of the marginalised sports.

Recently, FloSports signed a four year, seven-figure partnership with Colonial Athletic Association to cover the league’s 22 sports. This deal was a first of its kind which resulted in an unprecedented time direct-to-consumer contract in between a collegiate and its media partner.

FloSports saw a quantum leap in its subscriber numbers and annual recurring revenue, which was 50 percent more year after year.  Net subscriber growth of the site in first quarter of 2019 was greater than the gross subscriber growth in 2018.