×
You will be redirected back to your article in seconds

Discovery, WWE Invest in Niche-Sports Streamer FloSports as Part of $47 Million Funding Round

FloSports, a provider of live-streaming and on-demand niche sports programming, announced a $47 million Series C funding round, led by current investor Discovery.

The round, which brings FloSports to $75 million raised to date, also included participation from other existing FloSports investors WWE, Bertelsmann Digital Media Investments, Causeway Media Partners, DCM Ventures, and Fertitta Capital, the investment firm of former UFC owners Frank and Lorenzo Fertitta,.

FloSports, launched in 2009, has broadcast rights to more than 4,000 events across 25 sports like wrestling, track and field, soccer, softball, rodeo, cycling, volleyball, bowling and swimming in the U.S. and abroad. It also offers a library of more than 2,000 hours of on-demand content, including weekly studio shows, technique videos with Olympians, profiles of pro athletes, and original films. In 2018, FloSports signed more than 250 new or extended rights deals.

The company charges $150 for an annual subscription. Some customers have complained that FloSports advertises a pro-rated monthly rate for its services and doesn’t adequately disclose that it bills on a yearly basis.

FloSports’ lineup includes events from CONCACAF, Fédération Internationale de Volleyball (FIVB), United World Wrestling, the Colonial Athletic Association, the Western Collegiate Hockey Association (WCHA), Atlantic Hockey, Hockey East, the German Bundesliga, and Discovery’s Eurosport.

“FloSports aligns nicely with Discovery’s global direct-to-consumer strategy and provides us with opportunities to apply learnings to our own [over-the-top] products,” said Bruce Campbell, chief development, distribution and legal officer for Discovery, in a statement.

FloSports claims to have “several hundred thousand” subscribers, declining to be more specific. According to the company, net subscriber growth through the first quarter of 2019 was greater than all of 2018. The company said it will use the new funding to continue to buy up rights to “middle- and long-tail partnerships” as well as develop advertising capabilities.

“With this new round of funding from our investors, we will further enrich underserved sports communities by broadening our existing coverage and expanding into new verticals,” FloSports CEO and co-Founder Mark Floreani said in a statement.

The Austin, Texas-based company has 250 employees.

More Digital

  • Martin Kon - YouTube

    YouTube Hires Consultant Martin Kon as VP of Strategy

    Google’s YouTube tapped Martin Kon, who has worked as a tech, media, and telecoms consultant for more than two decades, as VP of strategy. Kon, based at YouTube’s headquarters in San Bruno, Calif., reports to chief business officer Robert Kyncl. Kon will work with YouTube senior execs to help formulate the long-term vision of the [...]

  • Sonos One

    Sonos Sues Competitor Bluesound for Patent Infringement

    Smart speaker maker Sonos has sued Lenbrook Industries, the company behind the audio brand Bluesound, for patent infringement. It’s the second such lawsuit from Sonos against a competitor, which has also been using its patents to gain concessions from the makers of voice assistants. In the lawsuit filed late last week in a California court, [...]

  • tubi tv roku

    Ad-Supported Video Service Tubi Tops 20 Million Monthly Active Users

    Ad-supported video service Tubi broke its own audience records in May: Tubi, which positions itself as a free alternative to Netflix, surpassed 20 million monthly active users last month, the company said Monday. The service’s users viewed more than 94 million hours of programming in May, according to Tubi, which also claimed to have brought [...]

  • First Media - Chris Athanassopoulos, Jocelyn

    First Media Names Chris Athanassopoulos CFO, Jocelyn Johnson as SVP of Brand

    First Media, the media company focused on millennial women audiences whose brands include BabyFirst TV, announced two new members of its executive team as it eyes expansion in 2019. Chris Athanassopoulos, previously Twentieth Century Fox’s VP finance for worldwide TV distribution, has joined First Media as its chief finance officer. (First Media’s previous CFO, Karl [...]

  • Chris Thorne - Beats

    Apple's Beats by Dre Taps Chris Thorne as Chief Marketing Officer

    Beats by Dr. Dre, Apple’s audio-products subsidiary, announced Chris Thorne — whose past gigs have included stints at EA and Jessica Alba’s The Honest Co. — as its chief marketing officer. Thorne takes on the CMO role after the departure earlier this year of Jason White, formerly Beats’ EVP and global head of marketing, who [...]

  • 76th ANNUAL GOLDEN GLOBE AWARDS --

    Viacom Partners With Tyler Perry for BET Plus Streaming Service

    Viacom’s BET Networks has teamed with Tyler Perry to create a subscription streaming service that combines the prolific auteur’s library of movies and TV shows with BET’s programming vault. The service dubbed BET Plus will bow in the fall with a handful of original series and productions and a deep library offering that will be [...]

More From Our Brands

Access exclusive content