Fantasy sports and betting media company FTN Network announced that it has closed its seed funding round, oversubscribing its goal of $3 million in just two months from a group of private investors, led by investor Perry Gershon and a TechStars investment fund.
Along with the raise, FTN says that it saw “tremendous” growth in multiple areas of its business in Q3 of this year, headlined by over $1.05 million in quarterly total revenue, a 52% increase when compared to Q3 of 2022.
The company says the closure of its seed funding round follows a year of growth for FTN, signing football data guru Aaron Schatz, creator of the DVOA analysis, acquiring new fantasy business tools that helped the company widen its customer base, and launching The FTN Fantasy Show on SiriusXM Radio, a complement to FTN President Jeff Ratcliffe’s presence on CBS television and SiriusXM Radio.
In a press release, FTN noted that its consumer subscription businesses alone are on par to exceed $1 million in annual revenue for 2023 and nearly 60% growth over 2022.
FTN names Perry Gershon as new CEO effective immediately
Additionally, the company announced that it is restructuring with Kevin Adams, FTN’s Founder and CEO, selling a majority of his equity to Gershon and taking on an advisory position with new responsibilities.
Perry Gershon becomes FTN’s new Chief Executive Officer, effective immediately. Gershon, a career businessman, spent over 25 years as in commercial real estate finance. He started his business ventures by developing and operating one of New York City’s first sports bars in 1987, the Polo Grounds. Gershon was also the 2018 Democratic nominee in New York CD-1 for the House of Representatives.
Former FTN CEO Kevin Adams will remain on FTN’s expanded Board of Directors in his new role and will also serve the company in an advisory capacity as its Chief Strategy Officer.
“With the success FTN has had in 2023, it’s key to continue to build on the foundation that Kevin and the rest of the team have created,” Gershon said. “The recent success gives us momentum and direction as we continue to develop FTN into the industry standard for those looking to get a leg-up when betting or playing fantasy sports.”