Beats billionaire Jimmy Iovine joins new investors backing Professional Fighters League

April 30, 2019

Ahead of the start of their second season, Professional Fighters League has secured a new round of financing with investors that includes Dr. Dre Beats co-founder and former music executive Jimmy Iovine.

According to Bloomberg, the $30 million Series C funding comes after initial investors such as Washington Wizards and Capitals owner Ted Leonsis and comedian/actor Kevin Hart had put money into the mixed martial arts promotion.

Professional Fighters League just recently inked a new multi-year deal with ESPN to move their cards to that family of networks starting with the season 2 debut on May 9.

The new funding is expected to help pay for “data and analytics as it expands its global audience and secures more fighters.”

Iovine was one of the new investors along with Ted Segal, Mark Leschly, SWaN Ventures and Elysian Park Ventures.

Best known as a music producer and co-founder of Interscope Records, Iovine also helped launch the Dr. Dre Beats line of headphones and music accessories alongside friend and business partner Andre “Dr. Dre” Young.

The two of them sold Beats Electronics to Apple in 2014 for $3 billion.

Now Iovine joins the latest group of investors backing Professional Fighters League as the promotion prepares for a big launch for season 2 on May 9.

Professional Fighters League runs a season long format with fighters earning points, which then translates into a playoff style tournament that culminates in the finals on New Year’s Eve with the winner from each weight class taking home $1 million.