Candace Cordelia is a Pennsylvania-based journalist and on-camera broadcaster/host, with…
The whole of the sports technology industry has received a hefty monetary boost, $75 million to be exact, thanks to digital venture capital platform Venturerock
Get ready to witness a brand new era in the world of sports technology, with the help of Venturerock. The leaders behind the digital venture capital platform which launched $300 million in funds for startup companies just last year, have decided to invest $75 million in sports tech. This was done in a bid to alter sports organizations into digital enterprises. According to an official statement from Venturerock, the fund “will invest in the future of sports technology, media, and culture by converging physical and digital sports experiences with the goal of transforming sport organizations into digital enterprises.”
Venturerock partner and founder Danny Cortenraede explains to Athletech News why his company’s latest endeavor holds so much importance for the lifeblood of fellow entrepreneurs. “There is no reason that so many startups fail. It doesn’t have to be that way,” Cortenraede begins. “What sets Venturerock apart from a traditional VC is that we really bring startup founders from zero to Series A. From there, we also have the network to align them with support beyond Series A. We follow our 72-step program and key benchmarks to be sure the startup is ready to move to the next phase and will be met with success.”
In regards to Venturerock’s newest investment, Cortenraede and co-founder-partner Marc Wesselink are focused on revolutionizing the sports tech space while also satisfying the continual hunger of younger generations firmly steeped within it. “With the proliferation of new platforms battling for fan attention, fan engagement has become a critical standpoint for sports organizations. But even though the past years have witnessed a rapid digital upheaval, the sports industry is failing to meet the younger generations’ demands…Venturerock will invest an average of $3-4M per project in about 15 ventures at any given time,” says Cortenraede.
In addition, Wesselink is confident that Venturerock’s $75 million investment will help portfolio companies to better focus on their operations “instead of fundraising,” in order to achieve business goals and make history. “We invest in multiple rounds from pre-seed to scale, through a metered and auditable process. Based on progress metrics, founders earn-in equity into the venture,” adds Wesselink.
As sports fans learn to navigate live events in light of the COVID-19 era, Venturerock surmises their investment in sports technology will ultimately change the landscape of the industry and the way in which people experience sports. Venturerock co-founder and partner Bob van Oosterhout proclaims the company will be “leaders in the digital transformation of sports,” providing options for sports fans to enjoy experiences, even without having to step one foot inside of a sporting venue. “… we are working with Fortune Top 500 companies and major sports leagues/clubs like Nike, Adidas, Puma,NFL, NBA, MLB, LaLiga and more, as well as individual athletes such as Cristiano Ronaldo, Paul Pogba and Eden Hazard, to name a few. Our goal is to create innovative ways for fans to connect with their favorite sports players, team and each other both at live sporting events and digitally.”
Candace Cordelia is a Pennsylvania-based journalist and on-camera broadcaster/host, with a reporting background in wrestling, entertainment, and lifestyle. Her reporting work has been featured on websites and in publications such as Bustle, Pro Wrestling Illustrated, New York Daily News, am New York, ABC News, Yahoo!, Good Morning America, Madame Noire, Sister 2 Sister, etonline.com, Diva Dirt and The Everyday Fan. Her favorite workout influencers include Chloe Ting, Cassey Ho, Pamela Reif and Mary Braun. She still can’t stand burpees and Rebbl Dark Chocolate Immunity Elixir is one of her favorite post-workout protein sips. You can follow Candace on Twitter @CandaceCordelia and on Instagram @thatgirlcandace16.