03 May 2013

Fan Duel wins VC prize


FanDuel, the Edinburgh-based fantasy sports specialist, has been Venture Capital-backed Team of the Year in Scotland by the British Private Equity & Venture Capital Association (BVCA).

Founded in 2009, FanDuel is an online sports game that lets users play fantasy football, fantasy baseball, fantasy basketball and fantasy hockey, either for free or for money. Last year FanDuel paid out US$50m in winnings, up from US$10m in 2011.

The company was one of three winners in the Scotland & Northern Ireland final of the BVCA Management Team Awards, produced in partnership with Clearwater Corporate Finance, which celebrates the achievements of companies backed by private equity and venture capital. FanDuel is backed by Pentech Ventures and Scottish Enterprise, along with Comcast Ventures, Piton Capital and Bullpen Capital.

All winners will be automatically entered to the national finals, the winners of which will be announced at a ceremony in London on 4 July 2013.

The full list of winners for Scotland & Northern Ireland:

Winner 
Backed by 
Category 
Large Buyout Private Equity-backed Management Team of the Year Giles Insurance Charterhouse Capital Partners
Mid Market Private Equity-backed Management Team of the Year Graze The Carlyle Group, DFJ Esprit and Octopus Investments
Venture Capital-backed Management Team of the Year FanDuel Pentech Ventures, Scottish Enterprise, Comcast Ventures, Piton Capital, Bullpen Capital
Community & Environmental Action Aridhia Informatics SEP


Notes to editor
  1. The BVCA Management Team Awards, produced in partnership with Clearwater Corporate Finance, and sponsored by Newton Europe Limited, DC Advisory and Speechly Bircham LLP, are the only awards to celebrate the achievements of private equity and venture capital-backed management teams. The national awards ceremony is the culmination of a year long process which began at regional level, the winners of which were announced in April and May. All the winners of the regional awards were entered into the national final. Please click here for more information.

  2. The British Private Equity & Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 500 member firms, representing the vast majority of UK-based private equity and venture capital firms and their advisers.

  3. Clearwater Corporate Finance is the leading independent corporate finance house in the UK with an exceptional track record of more than 400 completed transactions. We advise on all aspects of corporate finance transactions from mergers and acquisitions (M&As) and company sales to management buy-outs (MBOs). Our clients include management teams, owner-managers, private equity firms and large corporates. We differentiate our service through our:
    1. Independence - as we are not linked to any larger financial institution or consulting firm, we can provide objective advice without any potential conflict of interest.
    2. Cross-border capability - the close communication between our four UK offices and our partners in IMAP, makes us a natural choice for cross-border transactions.
    3. Sector expertise - our global sector teams offer clients a unique insight into M&A opportunities across the world.
    4. Research and origination - with 25 per cent of staff focused on these activities, we offer a market-leading capability to identify strategic opportunities for clients.
    5. Excellence - we are committed to excellence in our service delivery and each client project is managed in a bespoke manner.
    6. Commitment - as an owner-managed, partner-led firm, we guarantee a high level of partner involvement. We take a long-term view to build trust and lasting relationships.
    7. The size of our team and the deals we advise on make us the most active independent corporate finance house in the markets in which we operate.

  4. IMAP is a global partnership of leading M&A and corporate finance firms. Formed in 1973, IMAP is represented in over 40 countries throughout North and South America, Eastern and Western Europe, Australia and Asia by more than 400 experienced transaction advisors. In 2011, IMAP advisers completed 225 transactions, with an aggregate transaction value of more than $11 billion. IMAP advisers provide strategic merger, acquisition, divestiture and related corporate finance services. More information is available at www.imap.com.

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