Daily Fantasy Sports Site FanDuel Closes $4 Million Series B Investment

With a new NFL season starting tomorrow, it’s good timing for daily fantasy sports operator FanDuel to close a $4 million Series B investment round led by venture capital firm Piton Capital. Existing investors Pentech Ventures and the Scottish Investment Bank. The company will use the majority of the funds on product development and hiring.

FanDuel’s growth is reflected in its payouts going up from $1.5 million last season to over $10 million in league winnings.The company has also just opened an office in New York, complementing existing offices in Edinburgh and San Francisco.