Dude Perfect, the five-person YouTube comedy and sports creator company, has raised more than $100 million in growth capital from private equity firm Highmount Capital — which they plan to use to expand their brand well beyond online videos.
The companies did not disclose the specific dollar amount. A source familiar with the financing said the amount committed by Highmount Capital was between $100 million and $300 million. Dude Perfect said it will use the investment to develop new projects and creative partnerships, as well as build a “strong management team to take the group to new heights.”
One of Dude Perfect’s biggest projects is the upcoming headquarters in Frisco, Texas. First announced more than a year ago, the group described it as a combined production facility and “family-friendly” entertainment destination, including a retail store and new podcast and gaming spaces. Initial plans for the three-story headquarters, which was slated to cost about $100 million, called for a 330-foot “trick shot tower,” a Dude Perfect museum, a miniature golf course and restaurants.
Other flagship initiatives of the YouTuber collective include a multi-city international tour; streaming app Dude Perfect; and the ESPN “30 for 30” documentary “Dude Perfect: A Very Long Shot” focusing on the band, which will premiere April 25 at the Dallas International Film Festival.
The five Dude Perfect dudes—Tyler Toney, Cody Jones, Garrett Hilbert, and twins Kobe and Corey Cotton—met as college roommates at Texas A&M University and posted their first trick video in 2009. To date, their channel has generated more than 17 billion views and amassed more than 60 million subscribers. The Dude Perfect team also has a faith-based mission: “We strive to give back, spread joy and glorify Jesus Christ,” they say on their website.
“Dude Perfect’s mission is to serve families with the most reliable entertainment on earth,” Cotton told Dude Perfect in a statement. “By partnering with Highmount Capital, we hope to add fuel to the fire and take the Dude Perfect entertainment that families have witnessed on screens for the past 15 years and translate it into real-life products and memory-making experiences, that they can really touch and feel themselves.”
New York-based Highmount Capital describes itself as focused on “early-stage growth and mid-market investments in transformative technology, media and growth-oriented platforms.”
“The Dudes have truly captured the hearts and minds of the next generation, pioneering the new creator-led media space and expanding far beyond video and traditional channels,” said Jason Illian, co-founder and general partner at Highmount Capital. “In addition to creating content that garners billions of views each year, which is an impressive achievement in itself, the Dudes have built something even more valuable and that is trust – trust with families, brands and consumers of all ages and backgrounds. “
CAA Evolution is serving as financial advisor to Dude Perfect and King & Spalding is acting as legal advisor. Highmount Capital was represented by the law firm Stinson LLP.
Dude Perfect, in addition to popular videos featuring their trademark stunts, also produces YouTube content franchises including “Stereotypes,” “Overtime” and “Bucket List.” In addition to content, the Dudes have released books, mobile games, board games, and toys, and signed merchandise, retail, and food and beverage partnerships.
