Insurance firm Allianz is not only sponsoring the Drone Racing League (DRL) but it is also among the start-up’s new investors. DRL has completed its series B round of funding worth $20 million.

Allianz joins Formula One owner Liberty Media, Sky, Lux Capital, World Wrestling Entertainment, CRCM Ventures, Hearst Ventures, RSE Ventures, Lerer Hippeau Ventures, and Courtside Ventures in backing DRL.

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“Over the past 18 months, we’ve committed to building a technology company that can capture the imagination of new sports fans around the world. The support we have from some of the most respected brands and investors is helping us rapidly realise that vision,” City A.M. quoted DRL chief executive and founder Nicholas Horbaczewski as saying.

According to The Telegraph, the money raised will be used to help grow DRL’s broadcast audience as well as to develop the technology behind the drones.

“Jean-Marc Pailhol, head of global market management & distribution at Allianz, said the insurer had first been a sponsor of the Drone Racing League but had turned this into an equity stake after being convinced of the potential growth of the sport,” added the British daily.

DRL, which reached over 30 million televiewers and 45 million spectators online in 2016, is the world's first professional league for drone racing.


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