Venturerock To Invest $75 Million In Sports Startups
California-based Venture building firm, Venturerock SportsTech has announced the launch of a USD$75 million (AUD$109 million) fund to invest in sports technology startups.
The fund will be invested in sports technology, media, and culture with the goal turning sport organisations into digital enterprises.
Venturerock has previously accelerated over 700 startups and will invest in 15 startups at a time.
The system Venturerock uses, Venturerock OS, is a 72-step, four-phase program designed to guide early-stage startups to fully compliant scale-up where investing is based on hitting KPI’s and milestones.
Commenting on the announcement, Venturerock partner and co-founder, Danny Cortenraede, said: “With the proliferation of new platforms battling for fan attention, fan engagement has become a critical standpoint to sports organisations.
“But, even though the past years have witnessed a rapid digital upheaval, the sports industry is failing to meet the younger generations’ demands.
“Our fund will allow for the revolutionary impact in the sports tech space,” he said.
Venturerock partner and co-founder, Marc Wesselink, added: “We invest in multiple rounds rom pre-see to scale, through a metered and auditable process.
“Based on progress metrics, founders earn-in equity into the venture.
“This eliminates the need for a middleman and equips portfolio companies with the talent and resources they need, so founders can focus on execution, instead of fundraising,” he said.