DraftKings’ DRIVE VC Adds New CEO, Four Investments
Venture capital firm DRIVE, which was founded by DraftKings and a trio of Boston-based investment companies, introduced a new CEO and announced four new investments Tuesday.
Meredith McPherron will lead the sports tech-focused team as CEO and managing partner, having previously worked as an investor at Glasswing Ventures and Launchpad Investor Group.
“My first mission was: Where are we going to focus?” she said. DRIVE has now identified four broad categories it is looking to invest in: gaming platforms, human performance, fan engagement and data.
The firm’s four new portfolio additions include Guidesly, a marketplace for fishing guides; PickUp, an interactive opinion collection tool; esports organization Warriors International; and Cardless, which helps brands launch custom credit card products. While DRIVE has not disclosed its positions in the startups, the first three are early stage investments. “We think that they are at the frontier of each of their respective spaces,” McPherron said of the companies.
DraftKings will offer guidance to the portfolio companies when applicable, with more concrete partnerships a possibility later on, according to McPherron. DRIVE’s other founding partners—General Catalyst, Accomplice and Boston Seed Capital—will also be accessible. DRIVE is now run by a team of four, two of whom came from 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,” DraftKings CEO Jason Robins said in a statement. “The sports tech and entertainment communities have a true strategic resource in DRIVE, which will empower portfolio companies to accelerate growth and realize their full potential.”
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