Thu, Jun 15, 2017
Entertainment Industry Jumping On The Drone Racing Bandwagon
The Drone Racing League has just completed a successful Series B funding round as it looks ahead to its second season. The league had reached primarily into the ranks of the entertainment industry, and come out with $20 million.
Leading the way were Sky, Liberty Media Corporation (owner of Formula 1) and Lux Capital. In addition to Liberty Media Corporation, DRL added new investors Allianz (its global Title Sponsor of the race circuit) and World Wrestling Entertainment (WWE). Other existing partners that join Sky and Lux in the round include Hearst Ventures, RSE Ventures, Lerer Hippeau Ventures, and Courtside Ventures. DRL has also added CRCM Ventures, supporting DRL's expansion into China. LionTree Advisors acted as a financial advisor for the company and Morrison Foerster was the company's legal advisor.
"We're incredibly proud to announce new partners and investors aligning with DRL to solidify drone racing as the sport of the future," said Nicholas Horbaczewski, CEO and Founder of DRL. "Over the past 18 months, we've committed to building a technology company that can capture the imagination of new sports fans around the world. The support we have from some of the most respected brands and investors is helping us rapidly realize that vision."
The announcement from DRL comes ahead of the U.K.'s first professional drone race and the last race in the 2017 Allianz World Championship Season, the headline event during London Tech Week. The race will take place at London's iconic Alexandra Palace on June 13th, with 8 of the best pilots flying to be crowned the 'best in the world' during the winner-take-all 2017 season finale.
(Image provided with Drone Racing League news release)
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