Jazz Owner Launches HXCO Investment Firm

Owner of the Utah Jazz and Utah Hockey Club, Ryan Smith, has partnered with Ryan Sweeney of Accel to create the Halo Experience Company (HXCO).

This newly formed investment firm will concentrate on providing support to emerging technology startups operating within the sports and entertainment industries.

HXCO aims to raise up to US$1 billion (AUD$1.63 billion), with aspirations to nurture approximately two dozen portfolio companies throughout their growth phases.

This approach mirrors the previous success Sweeney experienced with Smith’s Qualtrics while under the guidance of Accel.

Commenting on the launch, Sweeney, said: “Sports is not just leisure and entertainment anymore.”

“It’s a vertical in the same sense that you would talk about healthcare, education, or government. It has emerged as a substantial market with trillions at stake,” Sweeney said.

The impact of sports permeates various segments of the economy, such as social media, security, health and wellness, digital media, payments, and talent acquisition. As Smith reflects on the current financial infusion into sports, he characterises it as insane, while observing the significant technological trends emerging in the industry.

Smith, added: “I’m witnessing this tech revolution with AI right now, and I’ve been investing significantly through my family office.”

While asserting his continued role as the founder and executive chairman of Qualtrics despite stepping back from day-to-day operations, his conversation with Sweeney catalysed the desire to contribute to what they view as an evolving phase in technology.

HXCO will also function independently from Accel, Qualtrics, and Smith Entertainment Group, however, they will benefit from Accel’s extensive experience in technology investments, which includes backing from as Facebook, Crowdstrike, and Dropbox.

While HXCO will operate separately from Smith’s franchises, including the Jazz and Utah Hockey Club as well as MLS’s Real Salt Lake and NWSL’s Utah Royals, there is a possibility tge teams could serve as testing grounds for their portfolio ventures.

This initiative signifies an evolving recognition of the intertwining domains of sports and technology, indicating lucrative opportunities and a fresh paradigm for innovation in both sectors.

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