DRIVE by DraftKings Appoints New CEO and Expands Investment Portfolio

BOSTON, Nov. 12, 2020 /PRNewswire/ -- DRIVE by DraftKings has appointed Meredith McPherron as its CEO and Managing Partner. DRIVE, a multi-stage venture capital firm that invests in SportsTech and Entertainment, is also pleased to announce the addition of several new startups to its investment portfolio.

Prior to joining DRIVE, McPherron served as a Venture Partner with Glasswing Ventures, an early stage venture capital firm investing in the next generation of AI, cybersecurity and intelligent enterprise startups. She also served as a mentor for the MIT DesignX accelerator, an Entrepreneur in Residence at the Harvard Innovation Lab, an Innovation Fellow at the Harvard School of Engineering & Applied Sciences, and was a board member and close strategic advisor for BFY Brands, which sold to PepsiCo in February.

"I look forward to leading DRIVE by DraftKings as an organization that continues to discover and fuel the next big ideas across sports, gaming and media," said Meredith McPherron, CEO and Managing Partner of DRIVE by DraftKings. "With that being said, we want to warmly welcome Guidesly, Cardless, PickUp, and Warriors International (WIN) to the DRIVE portfolio as our latest investees and companies poised for accelerated growth. Each of these companies boast founders with the drive to make their unique vision a reality. We will be actively involved in their growth by providing strategic support and connections to customers, channels and influencers."

DRIVE's mission is to push the frontier of new markets and categories revolutionizing sports, gaming and media. DRIVE's expanded investment portfolio now also includes:

• Guidesly (Boston) is the first mobile platform connecting outdoor enthusiasts with trusted guides for fishing trips.
• Cardless (San Francisco) helps consumer brands quickly and easily launch branded credit cards for their super fans.
• PickUp (Brooklyn) is a fan opinion platform for publishers of all sizes to make their content more interactive, fun and shareable.
• Warriors International - WIN (Boston) is an esports league and community platform that provides world-class tournaments and entertaining content for gamers, creators and fans.

With COVID restricting the number of fans at live sporting and entertainment events, leagues, teams, broadcasters, athletes and gamers have sought alternative ways to connect with fans from afar, relying on technology to enhance the at-home experience. Technology also offers sports entities new opportunities to monetize valuable assets, create new revenue streams, and find innovative ways to activate partners and sponsors. The esports industry, for example, saw significant growth in key performance indicators including viewership and social media during the pandemic.

DRIVE's portfolio companies allow users to remain connected to their favorite teams or activities while also providing new revenue opportunities for brands, both incredibly important during these unprecedented times.

"The ongoing coronavirus pandemic has expedited technological advancements out of sheer necessity, especially in sports, gaming and media sectors where fan engagement and interaction are the lifeblood," McPherron said. "Each of these investments fits into the areas we've identified as major drivers across those sectors not only today, but tomorrow as well."

The Strategic Advisory Board now includes Peter Blacklow of Boston Seed Capital, Peter Boyce of General Catalyst, Ryan Moore of Accomplice, and Jason Robins of DraftKings.

"As DRIVE embarks on a new chapter and direction, the company could not be in better hands than with Meredith McPherron taking the reins," said Jason Robins, CEO and co-founder of DraftKings. "The SportsTech and Entertainment communities have a true strategic resource in DRIVE, which will empower portfolio companies to accelerate growth and realize their full potential."

For more information on DRIVE by DraftKings please visit www.drivebydraftkings.com.

About DRIVE by DraftKings

DRIVE by DraftKings is a multi-stage venture capital firm that invests in SportsTech and Entertainment.  Our founding partners include DraftKings, General Catalyst, Accomplice and Boston Seed Capital. DRIVE is unique among investment firms as a fully independent and highly strategic venture capital partner. Together with founders pushing the frontier of new markets and categories, we will drive the future of sports, gaming and media. We are inspired by people with the drive to unlock their full potential and chase big ideas.

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