–News Direct–
FTN Network announced today 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 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.
FTN expanded throughout the year, signing football data guru Aaron Schatz, creator of the industry leading DVOA analysis, acquiring new fantasy business tools that helped FTN widen its customer base, and launching The FTN Fantasy Show on SiriusXM Radio, a compliment to FTN President Jeff Ratcliffes own industry leading presence on CBS television and SiriusXM Radio. FTNs consumer subscription businesses alone are on par to exceed $1 million annual revenue for 2023, and nearly 60% growth over 2022.
Additionally, the company is restructuring with Kevin Adams, FTNs Founder and CEO, selling a majority of his equity to Gershon and taking on an advisory position with new responsibilities.
Perry Gershon becomes FTNs new Chief Executive Officer, effective immediately. Gershon, a career businessman, spent over 25 years as an industry pioneer in commercial real estate finance. Perry started his business ventures by developing and operating one of New York Citys first sports bars in 1987, the Polo Grounds. Perry was also the 2018 Democratic nominee in New York CD-1 for the House of Representatives. Former FTN CEO Kevin Adams will remain on FTNs 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, its 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.
About FTN Network
FTN Network is a fantasy sports and betting media company with a thriving suite of consumer products along with an expanding sports data and analytics vertical that specializes in delivering business-to-business solutions. Founded in 2020, FTN gives the fantasy and sports betting community an edge through its own unique ecosystem, providing customizable tools that turn raw data into true insights while also offering expert analysis and content to help users make the most informed decisions possible.
Contact Details
Sterling A. Randle
+1 801-319-6153
View source version on newsdirect.com: https://newsdirect.com/news/ftn-network-closes-seed-funding-round-oversubscribing-goal-of-3-million-830557748
FTN Network
COMTEX_444483839/2655/2023-12-05T09:04:48
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