Jeff Bezos, Drake and more are investing $ 80 million in the sports media company Overtime

Raptors Global Ambassador Drake cheers 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 a $ 80 million fundraiser with investors, including Jeff Bezos’ investment firm, global entertainer Drake, Reddit co-founder Alexis Ohanian and players from the National Basketball Association.

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

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

Amazon CEO Jeff Bezos

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Bezos Expeditions, Amazon CEO’s personal investment company, is one of the companies tied to this round of financing. Global investment firm Blackstone, Morgan Stanley and many NBA stars, including Devin Booker, Trae Young and Klay Thompson, took part in 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 a year.

From now on, players who sign up are not eligible to play at the collegiate level. However, 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 distributed 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

Overtime said it will spend a portion of $ 80 million to help pay salaries for players and staff, support the league’s start-up costs, invest in the NFT sector and improve its app.

The company told CNBC that its content is streamed more than 1.7 billion times a month across all social platforms. Since its launch in 2016, Overtime said it has nearly 50 million social media followers.

“Overtime has built an unsurpassed brand and global community from scratch in just five years. This fundraise reflects the incredible growth opportunities associated with such a market-leading position, including the ability to bring the Overtime Elite into the world,” said Michael Spirito, a partner at the investment company Sapphire Sport Partner, which led the financing round.