Friday Fundings: Dream Sports, Notarize, and World Bank
Indian Fantasy Sports Company Raises $400 Million
Dream Sports has raised $400 million in a recent financing round led by TCV, D1 Capital Partners, and Falcon Edge. Mumbai-based Dream Sports is the parent company of Dream11, a fantasy sports app offering fantasy cricket, football, kabaddi, and basketball in India. The app currently has over 100 million users.
Fantasy sports are rapidly gaining popularity in India, but they have faced regulatory issues. A number of Indian states including Assam, Odisha, Sikkim, and Telangana have banned fantasy sports betting. But investors seem to believe that Dream Sports will be able to navigate these challenges and continue to grow.
Remote Notary Service Raises $130 Million
Notarize, a service helping businesses notarize documents remotely, raised $130 million in a Series D funding round led by Canapi Ventures. The company has seen 600% year over year revenue growth and has tripled its value since March of 2020.
Notarize has helped small businesses through the pandemic and has also partnered with big names like Zillow (https://sofimobile.page.link/?link=https%3A%2F%2Fwww.sofi.com%2Fsofimobile%2Fwealth%2Fbrokerage_tearsheet%2FZG&efr=1&ibi=com.sofi.mobile&isi=1191985736&apn=com.sofi.mobile&ofl=https%3A%2F%2Fwww.sofi.com%2Fwealth%2Fapp%2Fstock%2FZG) and Adobe (https://sofimobile.page.link/?link=https%3A%2F%2Fwww.sofi.com%2Fsofimobile%2Fwealth%2Fbrokerage_tearsheet%2FADBE&efr=1&ibi=com.sofi.mobile&isi=1191985736&apn=com.sofi.mobile&ofl=https%3A%2F%2Fwww.sofi.com%2Fwealth%2Fapp%2Fstock%2FADBE). With its new funding Notarize plans to expand its platform, hire a larger team, and find ways to continue growing even as companies begin returning to in-person work.
The World Bank Will Sell Wildlife Protection Bonds
The World Bank will begin selling a bond designed to raise funds to protect the endangered black rhinoceros in South Africa. The five-year, $45 million bond will be the first wildlife conservation bond in the world. The bond will be available for purchase starting in the middle of this year.
Investor returns will depend on population growth of rhinos living in two South African reserves. If this program is successful, other bonds linked to the populations of lions, tigers, gorillas, and other animals could become available.
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