TLDR:
- Forever Network, the company behind Basketball Forever, raises $6 million in Series A funding.
- The company plans to expand into the US, launch new sports media verticals, and grow its roster of games.
The social media platform Forever Network, known for its fan engagement brand Basketball Forever, has secured $6 million in Series A funding. The round was led by Yolo Investments, with additional support from Three Kings Capital, Folklore Ventures, and Astralis Capital. This funding will fuel the company’s expansion into the US market in the second half of 2024, as well as the launch of new sports media verticals and the expansion of its games portfolio.
Founded in Sydney in 2015, Forever Network has seen significant growth over the past nine years, with around 8 million cross-platform subscribers and followers. The platform covers breaking news, commentary, rumors, and culture with a social-first approach and has monthly engagement from around 110 million unique users in 65 countries. Partnering with brands like Nike, Adidas, and Under Armour has been key in driving revenue for the company.
Forever Network CEO Alex Sumsky expressed excitement about the company’s growth and future plans, emphasizing the importance of engaging fans with gamified sports media experiences. The company is also exploring opportunities in sports betting in the US and plans to expand into verticals like baseball, ice hockey, and NFL. Yolo Investments partner Tim Heath praised Basketball Forever for its engaged audience and highlighted the company’s potential in the sports betting market, positioning them as leaders in the space.
