Want more from Front Office Sports
in your search results?
Sports tech venture capital funding rocketed to $1.4 billion last year, according to Crunchbase. This year’s sum — $787 million through early August — is already higher than any year from 2017-2019.
The sports tech sector is estimated to reach $30 billion by 2024.
In May, Chicago-based KB Partners raised $64 million for a sports tech investment fund, with an eventual target of $100 million.
KB, which also invested in 16 sports tech startups through a separate $41 million fund launched in 2018, is just one of many sports tech investment funds and incubator programs that have sprung up in recent years.
- In 2019, investment firm Sapphire launched Sapphire Sport with a $115 million round led by Manchester City owner City Football Group. The fund’s investments include Tonal, Overtime, and Buzzer.
- Last year, Comcast launched a sports tech incubator, providing $50,000 and around $1.7 million in Amazon web credits and other infrastructure assets to each startup.
- In March, leAD and InStudio Ventures partnered to create incubator The Draft with initial funding of $5 million. leAD also partnered with OurCrowd in 2018 to launch the ADvantage fund following a $50 million raise.
The profile of tech startup investors has shifted, with more hedge funds, mutual funds, pensions, and sovereign wealth funds getting in on the action.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.
