Exclusive: SB Nation Raises $10.5 Million in Khosla Ventures-Led Series C Round
SB Nation, the Washington, D.C.-based sports blog and news start-up, has just completed a $10.5 million Series C round, which is being led by Khosla Ventures, according to sources.
SB Nation has already raised about $13 million in total venture funding from Accel Partners, Allen & Company and Comcast Interactive Capital, as well as from angel investors such as Ted Leonsis and others in Silicon Valley.
Accel and Comcast will also be participating in the new funding, sources said.
People familiar with the situation said SB Nation’s post-investment valuation, after its most recent round last summer, was about $30 million, making the new one at least double–if not triple–that.
The big new investment is predicated on the boom in traffic to sports blogs, such as SB Nation, which recently launched 21 regional sports sites.
With a mix of professional and user-generated content aimed at engaging passionate fans, SB Nation now has 290 topical sites and real-time content–all with a big dollop of social tools to spur online conversations and engagement.
While it has been around since 2003, founded by Daily Kos’s Markos Moulitsas and others, the start-up has been aiming more recently, under the leadership of former AOL exec Jim Bankoff, at the sweet spot of local sports coverage in newspapers.
The new funds will be used to fuel growth, enabling more investment in SB Nation’s technology platform, its bloggers, mobile, local, advertising sales and a few relevant acquisitions.
Here is a video interview BoomTown did in May with Bankoff about where SB Nation was headed: