The Rise of SportsTech: How Investors are Betting on the Future of Sports
Here are some of the significant funding rounds that occurred in SportsTech in recent years.
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SportsTech is an industry on the rise, with more and more people turning to technology to help them achieve their fitness goals and improve their athletic performance. As a result, investors are taking notice and pouring funds into the industry. Let's take a look at some of the recent funding rounds in SportsTech.
Overtime, a digital sports media platform, raised $80 million in March 2021 to expand its platform and connect with a young audience through its coverage of high school sports. The funding round was led by investors including Bezos Expeditions and Drake, bringing Overtime's total funding to over $140 million.
Fanatics, a popular e-commerce platform that sells licensed sports merchandise, raised $350 million in August 2020 to invest in technology and expand its business. The funding round was led by investors including Fidelity, Franklin Templeton, and Neuberger Berman, and brought Fanatics' valuation to $6.2 billion.
Zwift, a virtual cycling and running platform, raised $450 million in September 2020 to expand its platform and allow users to participate in virtual races and training sessions from home. The funding round was led by investors including KKR, Permira, and Zone 5 Ventures, bringing Zwift's total funding to over $600 million.
Tonal, a connected fitness platform that offers strength training and personalized coaching, raised $110 million in January 2021. The funding round was led by L Catterton, a consumer-focused private equity firm, and brought Tonal's total funding to over $200 million. Tonal plans to use the funding to expand its business and develop new products.
WHOOP, a wearable and data analytics platform for athletes, raised $200 million in March 2021 to expand its team and develop new products. The funding round was led by SoftBank Vision Fund 2, bringing WHOOP's valuation to $3.6 billion.
PlayVS, a high school esports platform, raised $50 million in November 2020 to expand its platform and introduce new games. The funding round was led by investors including Samsung Next, bringing PlayVS' total funding to over $100 million.
Echelon Fitness, a connected fitness platform that offers cycling and other workout classes, raised $65 million in October 2020 to expand its business and develop new products. The funding round was led by Goldman Sachs, bringing Echelon's total funding to over $100 million.
Openfit, a digital fitness platform that offers live and on-demand workout classes, raised $200 million in January 2021 to expand its team and develop new products. The funding round was led by L Catterton and included investments from NFL player Von Miller and tennis star Maria Sharapova.
Hudl, a sports performance analysis platform that provides tools for coaches and athletes to review and improve performance, raised $100 million in March 2021. The funding round was led by Fidelity, bringing Hudl's total funding to over $250 million.
These recent funding rounds demonstrate the growing interest in SportsTech and the potential for technology to revolutionize the way we work out, compete, and improve our athletic performance. As the industry continues to grow, we can expect to see more exciting innovations and investments in the years to come.
