Sports social media platform Forever Network shoots and scores $6 million Series A

The company behind fan engagement social media brand Basketball Forever has raised $6 million in a Series A.

The round for Forever Network was led by Yolo Investments, with support from Three Kings Capital, Folklore Ventures and Astralis Capital.

Forever Network will use the capital to expand into the US in the second half of 2024, launch new sports media verticals, and expand its roster of free and monetised games.

The company was founded in Sydney in 2015 by Alex Sumsky and Nicholas Kelland, four years after the launch of Basketball Forever, which accounted for around 11% of every social action taken in Australia last year.

It covers breaking news, commentary, rumours, and culture with a social-first approach and has 8 million cross-platform subscribers and followers. The monthly engagement globally sits at around 110 million unique users in 65 countries. Partnerships with brands such as Nike, Adidas and Under Armour drive revenue for the platform.

Forever Network CEO Alex Sumsky said the company had posted “massive growth” of around 28% annually over the past nine years.

“Born in Australia, the idea quickly grew from an alternative method of covering sport digitally, to a full-blown independent media brand with significant global footprint – that is now taking the next step into launching product that our fans can engage with,”  he said.

“Forever Network, including our publishing brands, are ripe for US expansion. We believe the future includes a gamified sports media experience, and this capital will help us deliver effectively on that vision.”

The company is exploring sports betting in the US and looking to expand into verticals baseball, ice hockey and NFL alongisde new games, and brand partnerships.

Yolo Investments partner Tim Heath said Basketball Forever has built a massively engaged audience.

“Their ability to then create a bridge between its users and its betting and fantasy partners is invaluable,” he said.

“Forever Networks’ continued venture into sports betting in the North American and global market will establish them as leaders in the space, and a model for other media companies to follow for years to come.”