FanCode, the e-sports platform, has raised $50 million from its parent company, Dream Sports’ Investment arm, Dream Sports Investment. FanCode wants to use these funds to grow and expand and aims to have a user base of more than 100 million by July next year.
FanCode was founded in 2019, by Yannick Colaco and Prasana Krishnan. The startup has a 20 million user base and will use this funding to accelerate the growth and scale of its digital sports services, this means that they will be looking at expanding its user base across a multi-sport platform and also will be hiring engineering and product development talent.
Some of the key brands of the unicorn sports tech company Dream Sports are, FanCode, Dream11, DreamX, DreamSetGo and DreamPay. Since its inception, FanCode has partnered up with some of the leading global sports brands like, NFL, MLB, Cricket West Indies, NBA, Bundesliga, multiple IPL teams, and has live-streamed around 30,000 hours of sports content.
Harsh Jain, Co-Founder and CEO of Dream Sports, said, “FanCode is changing how sports is consumed online by focusing on long-tail sporting events and personalization of content, commerce, and sports statistics across all sports. We are happy and excited to be a part of this journey in which they will be expanding and making sports more accessible to over 8 Million fans in India.”
Yannick Colaco, Co-Founder of FanCode, said, “The new funding will help us improve our already existing offers and will help us think about innovating a few things in the sports tech domain as we aim to expand and increase our consumer base to 100 million by next year July.”
FanCode’s Colaco said that the company wants its subscriptions to grow at a higher rate than the five times growth of its user base. The company’s three revenue streams are official sports merchandise, live sports content and sports analytics and insights. It also sells subscriptions so that users can stream live matches and tournament.
Colaco and Krishnan say, that the platform does not see itself competing with broadcasting channels like Sony and Hotstar, as they serve people in a different way and for a different reason. “You also need linear broadcast, which we have no intention of ever getting into. So, we are both in the same ecosystem, but we fill in different needs, ” Colaco said.
Prasana Krishnan, Co-Founder of FanCode, said, “This investment from Dream Sports indicates belief in the growth and potential of FanCode, and we look forward to increasing our business, continue to create a unique user experience, building more strategic partnerships, and getting on board the best talent there is .”