DraftKings, Inc. was founded in Boston in 2012 and is the world's leading skill-based Daily Fantasy Sports (DFS) platform. It allows fans in North America and the UK to compete in single-day, online fantasy sports contests across the largest variety of professional sports. Starting as a three-man team in a Boston apartment the company has grown to more than 350 employees in six short years and has offices in Boston, New York and London.
Fun fact: In 2017, DraftKings' Billion Dollar Lineup game gave football fans an opportunity to win $1 billion in the first week of NFL matchups by building the perfect fantasy lineup.
DraftKings, the leading provider of 1-day fantasy sports experienced significant growth since their founding in 2012. Raising almost $800 million dollars in venture capital so far; the company has grown their in-house legal team to 10 people.
LinkSquares is an indispensable tool for my legal team. This would have been a life-saver for my team and I during the first rounds of fundraising.Tim Parilla
When the company first got started the DraftKings team was continually focused on closing the next deal, and due to the explosive growth some of the organizational aspects fell by the wayside. As DraftKings continued to grow and raise funding, they realized that managing the hundreds of deals by way of a shared drive and Excel spreadsheets would slow down fundraising activities and unduly burden different business units. For a high-growth tech company in a highly competitive space, the legal team focused on finding ways to ensure that corporate opportunities were not lost due to inability to quickly and easily provide information and analysis to potential partners and investors.
DraftKings needed a solution that would help keep the legal team and other company departments, like finance and marketing, working efficiently together, and the implementation needed to happen quickly and without disrupting workflow. Existing tools such as shared drives and spreadsheets were failing as DraftKings' growth scaled past 350 employees. They needed a secure, centralized solution that could be accessed by multiple teams and easily reviewed. Tim Parilla, DraftKings, General Counsel, looked at several products on the market but found most involved long implementation cycles and complicated their existing process, something their fast-growing company couldn't afford.
LinkSquares AI-powered contract management cloud was intuitive and easy to get up and running. Tim and his team were able to quickly organize, search, and pull reports of all their completed contracts, giving Draftkings and their investors a clear picture of the company's status and positioning for massive growth.
In keeping focus on the ability to quickly and easily scale, DraftKings recognizes the invaluable asset LinkSquares provides and knows their contract management solution will adapt and grow as they do, helping them reduce risk and save money for years to come.Download this story (PDF)