DRIVE by Draftkings is a multi-stage SportsTech and Entertainment venture capital firm founded by DraftKings, General Catalyst, Accomplice, and Boston Seed Capital. Along with its first esports investment, the firm also announced the appointment of Meredith McPherron as CEO and managing partner.

In a release, McPherron commented:

“The ongoing coronavirus pandemic has expedited technological advancements out of sheer necessity, especially in sports, gaming and media sectors where fan engagement and interaction are the lifeblood.

“Each of these investments fits into the areas we’ve identified as major drivers across those sectors not only today, but tomorrow as well.”

While CEO of DraftKings, Jason Robins, added:

“As DRIVE embarks on a new chapter and direction, the company could not be in better hands than with Meredith McPherron taking the reins. The sports tech and entertainment communities have a true strategic resource in DRIVE, which will empower portfolio companies to accelerate growth and realize their full potential.”

Warriors International fields teams in Counter-Strike: Global Offensive, and Rocket League, and has also received investment from Massachusetts-based VC firm Stage 1 Ventures.

In addition to Warriors International (WIN), the firm’s portfolio already includes branded credit card company Cardless, fishing platform Guidesly, and fan engagement platform Pickup. 

DraftKings now offers online sports betting, fantasy betting, and casino products, in regulated markets across the United States, including in Colorado, New Jersey, and West Virginia.  

AYO.NEWS says:

Like most major betting operators, DraftKings has been dabbling in esports for a while now, but the investment directly into an esports organisation, via its new co-owned VC firm, could signal that the company’s leadership now realise they have to take esports and video gaming much more seriously. 

DRIVE by DraftKings is only just getting off the ground, so we expect there’ll be many more esports and video game sector investments announced over the coming months.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.

XSET, which was formed in July 2020 by former FaZe Clan executives Greg Selkoe, Wil Eddins, and Clinton Sparks, along with Marco Merue, says Lee, who is a member of duo Rae Sremmurd with his brother Slim Jxmmi, has invested an undisclosed amount in the organisation. 

Apparently, Lee was enticed to get involved in XSET by Clinton Sparks, the luminary record producer and entrepreneur, who was also responsible for attracting a Lee and a host of other artists, including Offset, to FaZe Clan.

Regarding his investment in XSET, Lee spoke with Rolling Stone, saying: 

“I always wanted to be on what’s next. There’s a network of people like myself who want to bring simple access for fans.

“XSET, FaZe, they have fans who like to do the same things I like to do: sit at home on a game and be lazy. I want to help make a huge network for all the kids to enjoy gaming, talk about life, talk smack to each other, get merch, and have first-person access to rappers.”

Despite Lee initially telling Rolling Stone that it was an “eight figure” investment, Lee promptly rephrased, saying it was merely in the “big figures.” XSET has also confirmed it was not an eight figure investment. 

Though details of any activations involving Lee have not been officially revealed, he suggested they could include things like sharing music via streams with XSET players, and even allowing fans to decide his styling and wardrobe for gigs. 

XSET, which already claims to be “the world’s most diverse, innovative, socially conscious pop-gaming and esports “SET” ever assembled”has said it is currently pursuing partnerships with more artists and athletes, and will announce further deals in the coming months. 

The organisation now fields teams in Valorant, Rocket League, Fortnite, Call of Duty Warzone, PUBG Mobile, COD Mobile, and Madden. 

AYO.NEWS says:

With Sparks involved, it was only a matter of time before high-profile artists started joining XSET. Of course, although any big name investors will give valuable publicity in the short-term, the trick will be getting them genuinely involved with content and engagement – something Lee seems keen to dive into. We’re keen to see where this goes…

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.