FanDuel raises £176m for expansion

FanDuel focuses on US sports such as basketball

Daily fantasy sports operator FanDuel is set for major expansion after raising $275m (£176m) in a funding round.

The round attracted high-profile investors such as Google Capital, Time Warner Investments and Turner Sports.

The money in part will be used to increase its customer base in the US and Canada.

It will also invest in accelerating the development of new products and features.

FanDuel was founded in Edinburgh in 2009 and only operates in North America.

It focuses on US sports such as basketball, baseball and American football.

The latest funding round brings the total capital raised by the company since 2009 to $363m.

FanDuel is now valued at more than $1bn.

'Game-changer'

Co-founder and chief executive Nigel Eccles said: "Having partners like KKR, Google Capital and Time Warner/Turner Sports invest in FanDuel underscores the way this company is transforming the sports entertainment industry.

"This roster of investors, with expertise across finance, technology, advertising and sports entertainment, is committed to the growth and success of FanDuel as a game-changer for the sports industry."

FanDuel co-founders Nigel Eccles and Lesley Eccles celebrate the success of the latest funding round

FanDuel recently hired a team of more than 40 developers in Orlando, Florida, for sports and mobile gaming.

They are also finalising exclusive, multi-year partnerships with 13 NBA teams and 16 NFL teams.

FanDuel, which was originally a spin-out from the University of Edinburgh, employs about 90 people in Scotland and 150 in the US.

It already operates in Edinburgh but plans to open a new Glasgow office within the next few weeks.