F2P basketball supplier nets $4m funding round from Yolo Investments and ex-Pinnacle CEO
Basketball Forever announces Series A funding to develop new F2P content and real-money games after strong 2023
Free-to-play (F2P) supplier Basketball Forever has confirmed a Series A funding round totaling more than $4m led by Yolo Investments.
Joining Yolo Investments in the round were former Pinnacle CEO Paris Smith, Acie Investments’ Chris Grove, GMA Consulting’s Seth Young, and Benjie Cherniak of Avenue H Capital.
Astralis Capital Management and Andover Ventures also participated in the seven-figure raise.
Basketball Forever was founded in 2015 by Australian Alex Sumsky and makes up part of the Forever Network business.
Established as a digital media platform, the group has expanded to secure a global monthly audience of more than 110 million unique visitors. In 2023, the company drew four billion impressions across all of its social media channels.
The brand recently opened an office in the US, while in February it launched its first North American-focused, live action, F2P bingo-style game called Hot Hands, in partnership with Dabble.
Basketball Forever said it was planning to use the raised capital to accelerate growth by increasing its efforts to acquire a bigger audience in North America.
The brand said it would also explore expanding into other vertical outside of basketball while deepening its suite of F2P and real-money games.
Sumsky, Forever Network CEO and co-founder, said: “This investment from so many leaders and well-respected voices in the sports betting and gaming space is illuminating.
“It shows that not only is Basketball Network going down the path of profitability as a media company, but that expanding into sports betting and daily fantasy is the right move.
“Gamifying the sport media experience is the future. This capital will help us explore that vertical more, grow our North American staff and invest time in making our user experience the best on the market,” he added.
Tim Heath, Yolo Investments GP, said: “It’s impossible to ignore what Basketball Forever has done to build a massively engaged audience.
“Their ability to then create a bridge between its users and the games it creates is invaluable. We feel like Basketball Forever’s continued venture into sports betting in the North American market will establish them as not just leaders in the space but as a model for other media companies to follow for years to come.”