Gen-Z, Millennial Opps: Overtime raises $100m in funding as digital spend spikes (Score 55)

Sales Lead: Overtime landed a $100m Series D funding round led by Liberty Media.

  • The new funding will go toward expanding Overtime's sports leagues and developing Web3 strategies including NFTs. The company will also develop trading cards thanks to a partnership with Topps.
  • So far, the company has raised $240m in total funding.
  • With such a larger budget, the company will likely:
    • Increase ad spend
    • Seek new agency partners
  • Target demographic
    • Gen-Z and millennial athletes

Recent leadership shifts: ​​​

  • To fuel brand partnership development, Overtime recently hired senior brand partnerships director Rafferty Lengle (April), brand partnerships director Jessica Knapp, and senior brand partnerships director Ashley Kopka Wayne (July).

Additional spending insights:

  • Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
    • YTD spend: Overtime has spent approximately $1.1m on digital ads YTD, already 68% more than the approximately $656.1k spent in all of 2021.
    • YTD data: So far this year, the company has earned around 137.7m digital impressions via Instagram (62%), Facebook (38%), and Twitter (1%) ads.
    • Last year: In 2021, Overtime spent roughly $656.1k on this channel, 8% more than the roughly $605k spent in 2020.
  • Additional channel insights  
    • The company also utilizes experiential activations and athlete brand partners.
      • In June, Overtime teamed up with NFL quarterback Cam Newton on a new flag football league that launched with a four-day event in Las Vegas.

Additional agency insights:

  • Opportunity: Additional funds allow Overtime more financial freedom to outsource work, so get in touch soon to remain top-of-mind.
    • The company may start out by seeking outside PR/communications services to build brand awareness.
  • Current agency roster:
    • ​​​​​​​No current agency relationships yet confirmed

Insight Sources: Digital spend insights estimated by Pathmatics.