Sports app firm plots move into big league
A TECHNOLOGY company set up by a group of graduates and entrepreneurs five years ago is aiming to double its global headcount to more than 200 after raising $70 million (£43m) in a venture capital funding round.
Edinburgh-based fantasy football firm Fanduel has just launched a mobile app and is updating its software to enhance its “one-day gaming” system that is due to pay out $400m in prizes this year.
Co-founder and chief executive Nigel Eccles said the company, which has concentrated on American sports and makes almost all its sales in the US, turned profitable in the fourth quarter of last year. It generates revenue by keeping a cut of the entry fees fans pay to compete, and has grown rapidly in the US since its launch in 2009.
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