RSE Ventures, owned by Stephen Ross, billionaire owner of the Miami Dolphins and Hard Rock Stadium, has invested in the sports gambling startup The Action Network as part of a $17.5m fundraising round that closed earlier this year.
According to Action Network CEO Patrick Keane, RSE’s involvement was not publicly disclosed at the time, and the company is not listed as an investment on the RSE website. The fundraising round, announced back in February, was led by Fertitta Capital, the private equity firm formed by the former owners of UFC.
Other investors included, among others, Blackstone Group’s David Blitzer, co-owner of the 76ers and Devils; 6721 Capital; and Bitkraft Esports Ventures.
Quoted by Bloomberg, RSE Co-Founder and CEO Matt Higgins said: “As more and more states legalize sports betting, we believe that a new media company will emerge to service this sector, one that best integrates data and content.
“The Action Network has a unique blend of imaginative content creators and data miners. It’s a compelling combination that’s translating to impressive growth in subscriptions.”
Keane noted: “For the Action Network, it’s affirming to our strategy to have all four of the major US sports as investors. To be able to call on the counsel of these kinds of owners is super-helpful to the company.”
