Current:Home > InvestDude Perfect's latest trick — sinking up to $300 million in venture money -MarketLink
Dude Perfect's latest trick — sinking up to $300 million in venture money
Indexbit Exchange View
Date:2025-04-08 06:28:46
It started with a YouTube video of several young dudes hitting absurdly difficult trick shots on a backyard basketball hoop. Some 15 years later, those pals — now with more than 60 million subscribers on the platform and known as Dude Perfect — can celebrate an investment ranging from $100 million to $300 million from one of the country's premier private investment firms.
Highmount Capital said Tuesday it is investing "9 figures" in Dude Perfect, a creator of online content formed in 2009 by five friends who met at Texas A&M. Over that time, the Frisco, Texas-based startup — led by twins Cory and Coby Cotton, Garrett Hilbert, Cody Jones and Tyler Toney — has grown into a social media and brand powerhouse with more than two dozen employees.
Dude Perfect ia "media juggernaut at the intersection of sports and comedy" whose videos draw billions of views, Highmount Capital CEO Jason Illian said in a post. The firm didn't disclose more financial details about the investment, but Illian said the capital will be used in part to expand Dude Perfect's management team.
"The world's top athletes, celebrities and sponsors want to work with Dude Perfect because of their breadth and reach as well as their commitment to family-friendly values and content,"Illian wrote. "The Dudes have built a truly special brand, and we believe they are just getting started."
Dude Perfect, which didn't immediately respond to a request for comment, has steadily grown its YouTube audience with a mixture of irreverent and increasingly elaborate videos. Recent entries include tossing around a rocket-propelled football, sinking the world's longest putt and poking fun at office life.
Dude Perfect also holds more than 20 Guinness World Records, including longest basketball shot, longest barefoot walk across Legos and the most Ping Pong balls stuck on a person's head using shaving cream. As the company's popularity has grown, outside participants in the content have included actor Zac Efron, professional basketball player Luka Dončić and soccer stars from England's top league.
The "creator economy," or people with individual brands that flourish on YouTube, TikTok and other online platforms, is now valued at $250 billion and is projected to reach $480 billion by 2027, according to 2023 research from Goldman Sachs. Analysts with the investment bank estimate there are 50 million online content creators worldwide, although only about 4% of them do so professionally and earn more than a $100,000 year.
Content posted and monetized on YouTube pumped $35 billion into the U.S. economy and supported almost 400,000 full-time jobs, according to 2022 data from Oxford Economics.
Editor's note: Because of an editing error, the initial version of this story erroneously said that venture capital firm Highland Capital was investing in Dude Perfect. In fact, the investment is from Highmount Capital, a private investment firm.
Khristopher J. BrooksKhristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
TwitterveryGood! (62597)
Related
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- U.S. measles cases reach 125 this year, topping 2022's large outbreaks
- Jonathan Tetelman recalls his journey from a nightclub DJ to an international opera star
- Get Your Activewear Essentials for Less at Kohl’s, Including Sales on Nike, Adidas, Champions & More
- Pressure on a veteran and senator shows what’s next for those who oppose Trump
- Key players: Who’s who at Donald Trump’s hush money criminal trial
- Trump Media tells Nasdaq short sellers may be using potential market manipulation in DJT shares
- Cavaliers grind out victory over Magic in Game 1 of NBA playoff series
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- Tennessee schools would have to out transgender students to parents under bill heading to governor
Ranking
- Meta donates $1 million to Trump’s inauguration fund
- Trump Media tells Nasdaq short sellers may be using potential market manipulation in DJT shares
- 10-year-old boy confesses to fatally shooting a man in his sleep 2 years ago, Texas authorities say
- Trump forced to listen silently to people insulting him as he trades a cocoon of adulation for court
- Backstage at New York's Jingle Ball with Jimmy Fallon, 'Queer Eye' and Meghan Trainor
- You Can Watch Taylor Swift and Post Malone’s “Fortnight” Music Video With a Broken Heart
- House on the brink of approving Ukraine and Israel aid after months of struggle
- Former champion Jinder Mahal leaves WWE, other stars surprisingly released on Friday
Recommendation
Meet first time Grammy nominee Charley Crockett
How Blacksburg Books inspires its Virginia community to shop local
Psst! Coach Outlet Has So Many Cute Bags on Sale Right Now, and They’re All Under $100
Camp Lejeune Marine dies during training exercise, prompting investigation
Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
Campbell “Pookie” Puckett and Jett Puckett’s Fire Date Night Looks Are Surprisingly Affordable
A conspiracy theorist set himself on fire outside of Donald Trump's hush money trial: cops
Who will win the Stanley Cup? Predictions for NHL playoffs bracket