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FanDuel planning new round of financing, looking to go public in 2016

TAGs: Brooklyn Nets, Chicago Bulls, Cleveland Cavaliers, daily fantasy sports, Dallas Mavericks, fanduel, Kirby Garlitos, Kohlberg Kravis Roberts & Co, nba, NBC Sports Venture, New York Knicks, Nigel Eccles, Orlando Magic, Shamrock Capital Group

Daily fantasy sportsFanDuel planning new round of financing, looking to go public in 2016 site FanDuel is eyeing a new round of fund-raising that could put a valuation of at least $1 billion on the company.

Multiple sources have told Fortune of the Scotland-based company’s short and long-term plans to continue holding its mantle as the number one daily fantasy sports site.

FanDuel’s goal is to add at least another $100 million in the latest fund-raising, adding to the $88 million it has already raised through numerous fund-raising attempts, including a score of $70 million from an investor group that includes Shamrock Capital Group, Kohlberg Kravis Roberts & Co, and NBC Sports Ventures. The company didn’t disclose the valuation for that fund-raising, although sources have told Fortune that the amount reached close to $400 million.

This time, FanDuel has become more ambitious, targeting a figure that would make it the first daily fantasy sports site to be worth ten figures.

The company’s braintrust has yet to decide on a course of action, although it is reported that the board of directors will proceed with this plan in the near future with an eye towards accelerating customer growth and tying up with more professional sports teams.

FanDuel already boasts of an impressive list of partnerships with a host of NBA teams, including the Cleveland Cavaliers, Dallas Mavericks, Orlando Magic, Brooklyn Nets, New York Knicks and Chicago Bulls. The company has also struck a deal with the NBA itself and the NFL’s Washington Redskins.

Tthe company’s revenue numbers reflect the growing popularity of the industry. Revenue from Q4 2014 reached $37 million, a dramatic improvement from the $7.4 million it earned in the same period in 2013.

The company’s end game would be to go public in 2016, but for the moment, FanDuel founder and CEO Nigel Eccles told the Herald Scotland that the company’s main challenge is “meeting customer demand.”

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