Jeff Bezos, Drake and others invest $80 million in sports media company Overtime

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The Raptors Global Ambassador Drake cheers on the team as the Toronto Raptors beat the Philadelphia 76ers 101-96 at the Scotiabank Arena in Toronto.Richard Lautens | Toronto Star | Getty Images

Sports media company Overtime has secured an $80 million fundraising round with investors including Jeff Bezos’ investment firm, global entertainer Drake, Reddit co-founder Alexis Ohanian and severeal National Basketball Association players.

“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory,” Dan Porter, Overtime’s CEO and co-founder, said in a statement. “We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”

Overtime is a media company that distributes original sports content on social media outlets, including Snapchat, YouTube, and Facebook. The company also and sells apparel with its logos and branding. The raise comes more than a month after Overtime announced a paid basketball league for young players.

Amazon CEO Jeff BezosAlex Wong | Getty Images

Bezos Expeditions, the personal investment firm of the Amazon CEO, is one of the companies tied to this funding round. Global investment firm Blackstone, Morgan Stanley and many NBA stars, including Devin Booker, Trae Young and Klay Thompson joined the investment round. WNBA star Chiney Ogwumike is also an investor.

To date, the Brooklyn-based Overtime says it has raised more than $140 million. In March, the company made headlines when it announced Overtime Elite, a basketball league for 16-to-18-year-olds that allows them to earn at least $100,000 per year.

As of now, players who join are not eligible for collegiate-level play. But if OTE players do not pursue a professional career, OTE will provide an additional $100,000 for college tuition. Investors in OTE include Portland Trail Blazers forward Carmelo Anthony, Brooklyn Nets star Kevin Durant and Silicon Valley venture capital firm Andreessen Horowitz.

In this handout image provided by SportsPro, Dan Porter, Overtime speaks during the SportsPro OTT Summit USA 2020 at Turner Studios on February 19, 2020 in Atlanta, Georgia.John Nowak | SportsPro | Getty Images

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