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Childhood friends Paul Anton and Lyth Saeed continued to play basketball together while going to college in different states by using Snapchat. It looks like a TV screen behind the hoop and lets players remotely form teams and compete in challenges. "It's more than just the basketball hoop," Saeed, who serves as the company's COO, told Insider. Anton said Atar supported the technology right away and gave Huupe its first $1 million check. Check out 5 key slides from Huupe's most recent pitch deck, which has been updated since their $8 million seed round:
Persons: Paul Anton, Lyth Saeed, Anton, Saeed, Shaquille O'Neal, Dyson Daniels, Thaddeus Young, Huupe, Jake Paul's, Audie Atar, Conor McGregor, Jozy Altidore, Atar, Young, That's Organizations: Huupe, Marvan Ventures, TRI Investments, Studios, Paradigm Sports Management, US Men's National, Ventures Locations: Miami
He was 18 when he graduated from high school, moved to Austin, Texas, and started pursuing his podcast, "The Running Effect," full-time. That's because "The Running Effect" brought in just a few hundred dollars last year — but in 2023, he's earned more than $60,000 in brand deals. Most of his listeners are younger than 22, according to data from Spotify, where earlier this year, "The Running Effect" ranked 15th among top sports podcasts. Episodes drop every other day, a brisk pace in the podcast world, and each has its own unique graphic. Schlueter said he dreams of turning "The Running Effect" into a storytelling empire with podcasts, articles, blogs, and short documentaries.
Persons: Dominic Schlueter, Schlueter, he's, I'm, He's, Xavier Gallo, Brooks, you'd Organizations: Spotify, Apple, Schlueter, NCAA, Boston, Columbus, LinkedIn, ESPN Locations: Austin , Texas, Columbus , Ohio, Instagram, TikTok
Sports has become a hot category for venture-capital investors in recent years. While other private investors like private equity firms have set their sights mainly on teams and leagues — looking to cash in on the rising costs of media rights and the growth of live events — early-stage investors are pouring money into startups innovating in areas like sports betting, esports, sports technology, analytics companies, NIL, and more. Insider is highlighting prominent venture-capital investors who are funding startups in sports. Insider compiled this list of investors based on our own reporting as well as nominations we vetted from readers and industry experts. Here are the 26 venture capital and other early-stage investors — listed alphabetically by company — that have made prominent investments in sports in 2023:
Persons: Brad Farkas, Pareek, Jake Paul, Joey Levy's Organizations: HBSE Ventures, trampolines
And a new report sheds light on how those efforts are resonating with younger fans. Compared to NFL fans aged 30 and older, fans in their 20s were three times more likely to place a bet every week. And only 11% of fans in their 30s spent more than $1,000 annually on sports betting, versus 28% of younger fans. That number was just 33% among fans aged 30 and up. Most of these fans said they played in a fantasy league during the 2022 football season, but most older fans didn't.
Persons: YouGov, FanDuel, Barstool, Penn, Fox, sputtered, Barstool Sportsbook, sportsbooks, NFL RedZone, aren't, they're Organizations: NFL, Sports, Penn Entertainment, ESPN Bet, Fox, Bally Bet, Brand, FOX Bet
For Makenzie Steele, landing NIL deals with big companies like Under Armour and Lululemon required two things: posting consistently and putting her business email in her Instagram bio. The 20-year-old Clemson track and cross-country runner has secured nearly 20 brand deals through her Instagram and TikTok account, @goodfoodgoodrun. Steele started posting cooking and running content in late summer 2020 and has grown her platform to 42,000 Instagram followers and 23,000 TikTok followers. She's posted one-pan Caprese baked pasta, snickerdoodle granola, mini apple pancake bites, and lots of banana bread variations. "When someone first sees my account, they're like, 'it's just banana bread and oats,'" Steele said.
Persons: Makenzie Steele, Steele, Instagram Steele, Ben, She's, Joe's, Armour, she's, Christian Addison Organizations: Clemson, Armour
College athletes make money by posting branded content on social media and attending events with fans. Read more about the flow of NIL money in college sportsThe remaining 20% comes from brand deals, per Opendorse. Men's basketball players make the most from brand deals, the company has found. Read more about how the company boosted social-media engagement by hiring college athletes from niche sports like golf and cheerleadingSome college athletes have become social media stars, especially female students. Reese is one of the most followed college athletes and has signed NIL deals with companies like Amazon, Airbnb, and Playstation.
Persons: influencers, Read, Phoenix Sproles, It's, Kristi Dosh, they're, USC's Bronny James, LSU's Olivia Dunne, Angel Reese, Paige Bueckers, Caitlin Clark, Flau'jae Johnson, Chase Griffin, outperforming, Bryce Adams, Opendorse, Braly Keller, Doug Edert, LSU's Reese, Reese, Matthew Hinton, Blake Lawrence, Colin Salao Organizations: Phoenix, BusinessofCollegeSports.com, University of Minnesota, Dinkytown, Power Five, UCLA, JPMorgan Chase, Chase Griffin Student, Buffalo Wild Wings, St, Peter's University, Amazon, PlayStation, AP, Nike, Adidas, Companies Locations: Ohio
The Eastbay deal gave Smith a bigger audience, leading to partnerships with companies including Coach, Heydude, Boost Mobile, and Hardee's. He mixes up his content with get-ready-with-me and workout videos, and posts about football, track, comedy — or his NIL deals. "People say they want NIL deals," Smith said, "but don't post on social media … Well, to get NIL deals, you have to post. "Don't let anybody tell you you can't get NIL deals at a smaller school," Smith said he tells other student-athletes. He said he's cofounding a new NIL marketplace that he plans to release this fall, hoping to specifically connect HBCU athletes with brand deals.
Persons: Rayquan Smith, Smith, He's, he's, That's, who's, hasn't, I'm Organizations: Norfolk State, Smart, Boost Mobile, Twitter, Eastern Athletic Conference, Virginia State University, Black Sports Locations: TikTok, Instagram
During the first year of NIL, collectives were viewed as "hush-hush" by many in the industry, Opendorse marketplace's Braly Keller previously told Insider. Brandon McCladdie/Happy Valley UnitedHow collectives work with college athletesThe main goal of collectives is to create NIL opportunities for college athletes. About a quarter of Dinkytown Athletes' NIL deals have been business partnerships between Minnesota athletes and companies like Dove, Northwestern Mutual, and PNC Bank. Happy Valley United's NIL work also involves engaging with the local community, including the collective's partner charities, said McCladdie. Happy Valley United is building its brand through media attention and community-based "grassroots" efforts, McCladdie said.
Persons: marketplace's Braly Keller, Keller, there's, it's, University of Minnesota —, Derek Burns, Burns, Brandon McCladdie, McCladdie Organizations: Big Ten, Pennsylvania State University, Dinkytown, University of Minnesota, State College ,, Penn, Golden Gophers, Happy, Dinkytown Athletes, Penn State, Blueprint Sports Foundation, Northwestern Mutual, PNC Bank, College, Gopher, Gopher Sports, State College Locations: State College , Pennsylvania, Minnesota, Minneapolis
The start of the regular NFL season kicks off the biggest sports-betting season of the year. Here are the battlegrounds to watch as Fanatics and ESPN Bet enter and Bet365 gains share. The NFL kicked off Thursday night, and so did the biggest season of the year for US sports betting. It ranked fourth among more than 40 apps in EKG's national panel of "secret shopper"-style app testers — behind only FanDuel, DraftKings, and PointsBet. "There's one strategy: you have to be early, you have to be ahead of the start of the season," Beynon said.
Persons: We've, Macquarie, Chad Beynon, Bet365, Chris Krafcik, Krafick, EKG, Penn, It's, Sportsbook, isn't, Beynon, That'll, DraftKings, it's, BetMGM, Entain, Wynn Organizations: NFL, Bank of America, ESPN Bet, Penn Entertainment, Fox, Krejcik, ESPN, DraftKings, Penn, BetMGM, Caesars, MGM, Angstrom Sports, Wynn Resorts, Rush, Interactive Locations: Ohio, Colorado, Virginia, BetMGM, FanDuel, Macquarie, Las Vegas, Chicago, Connecticut
Hundreds of professional tennis players struggle to afford travel and equipment costs. In the last year playing professional tennis, Knutson has made about $33,000 in prize money but said she spent about $25,000 on travel, equipment, and other expenses. In the videos, Knutson asks other professional players how much they've made this year and how much they've spent. Here's a breakdown of the official tournament prize money before taxes that four professional players shared with Insider. This means that in 25Ks, lower-ranked women's players are often competing against higher-ranked players and have a hard time winning tournaments — and prize money.
Persons: Gabriela Knutson, she's, Knutson, they're, Ashley Lahey, she'd, Gabby, we're, Lahey, It's, Josh Sheehy, aren't Organizations: 201st, Women's Tennis Association, Tennis, Association of Tennis Professionals Locations: Czech, TikToks, American, Egypt, 25Ks
The student-athlete name, image, and likeness, or NIL, industry has become a big business. Here are 20 firms helping athletes navigate NIL work, from dealmaking to education to compliance. College sports have dramatically transformed in the last two years since the introduction of name, image, and likeness, or NIL, monetization for student-athletes. Some of these groups pay student-athletes for NIL work in a manner more akin to a salary or retainer than a one-off marketing campaign. Insider is compiling our second list of leading NIL companies that work across the student-athlete NIL space.
Persons: Bill Jula Organizations: College, influencer, University of Minnesota's, OneTeam Partners Locations: dealmaking
Champions Round, a startup that raised $10 million to disrupt fantasy sports, is winding down. In a June 14 all-hands meeting, company leaders told staffers that Champions Round would be laying off much of its staff and preparing to sell its assets, the two people said. Champions Round is the latest startup to fold in the current culling driven by changes in the funding environment. But Champions Round initially appeared to be bucking some of these market trends. Are you an employee at Champions Round or another sports startup?
Persons: Carter Russ, It's, , hadn't, Russ, Ashley Rodriguez, Margaret Fleming Organizations: Point72 Ventures, Goodwater, Twitter
Sports has become a hot area for private investment, from private equity to venture capital. For the first year, Insider is looking to highlight the top VCs investing in the sports industry. Submit your nominations through this Google Form by September 8. AdvertisementAdvertisementPrivate investors have flocked to sports in recent years, viewing it as a relatively stable corner of the shaky economy. For the first year, Insider is looking to highlight the top venture capitalists investing in sports startups, from seed to the later stages.
Organizations: Morning
Sports betting and gambling companies have raised $150 million from VCs so far in 2023, according to PitchBook data. US sports betting and gambling startups have raised about $150 million in VC funding through mid-August of this year, per PitchBook, which tracked 25 deals during that time frame. Here are the top 11 companies that have gotten the most funding in 2023 through mid-August, according to PitchBook:1) Jackpot.com — $42 million. The more than 50-year-old casino technology and data company closed the investment from VCs. Oddsworks, a gaming company offering more than 100 games for online and land-based casinos, raised early-stage funding.
Persons: Joey Levy, Jake Paul, Roger Ehrenberg's, James Harden, Joel Embiid, PlayerProfile, Oddsworks Organizations: Roger Ehrenberg's Eberg Capital, Arctos Sports Partners, Bettor, Courtside Ventures, Dallas Cowboys, New York Yankees, Acres, Exchange, Boom Entertainment, Oyster Ventures, Touchdown Ventures, Eberg, IA Sports Ventures, Ikigai Ventures, Trinity West Ventures Locations: VCs
Data suggests women athletes, who generally earn less on-field than men, rely more on sponsorships for their income. Some sports-marketing firms have emerged to fill the gap, connecting women athletes with brands. And, at the college level, brands are finding young women athletes like Olivia Dunne are among the best-performing partners on social media. A crop of sports-marketing companies has emerged to bridge this gap with a focus on helping women athletes partner with brands. Insider is highlighting seven sports-marketing companies focused on partnerships between women athletes and brands in 2023, based on our reporting and nominations from industry experts.
Persons: Elena Delle Donne, Sabrina Ionescu, Sue Bird, Naomi Osaka, Olivia Dunne, Wasserman, Brew Organizations: WNBA, Nike, Star, The, Forbes, Wasserman
Insider is highlighting the top women executives in sports media and we want to hear from you. Please submit your nominations using this form by September 8. It's been a long climb for women in sports media. Insider is putting together a list that will highlight the top women executives in sports media. Please submit nominations, including names and recent examples of their work, using this form (or below) by September 8.
Persons: It's, Anita Martini, Rhonda Glenn Organizations: Morning, MLB, Associated Press
Data suggests women athletes, who generally earn less on-field than men, rely more on sponsorships for their income. Some sports-marketing firms have emerged to fill the gap, connecting women athletes with brands. Below are seven agencies and firms focused on helping athletes in women's sports score brand deals. A crop of sports-marketing companies has emerged to bridge this gap with a focus on helping women athletes partner with brands. Insider is highlighting seven sports-marketing companies focused on partnerships between women athletes and brands in 2023, based on our reporting and nominations from industry experts.
Persons: Elena Delle Donne, Sabrina Ionescu, Sue Bird, Naomi Osaka, Olivia Dunne, Wasserman, Brew Organizations: WNBA, Nike, Star, The, Forbes, Wasserman
The sports tech sector had one of its best quarters ever in Q2, according to investment bank Drake Star. The large number of new M&A deals, coupled with an influx of capital and a rebounding market, are driving growth in sports tech, Drake Star principal Mohit Pareek told Insider. In Q2, the biggest deal — and one of the largest ever sports-tech deals — was the April acquisition of WWE by Endeavor, the parent company of the UFC. Drake Star found 199 private-funding deals closed in Q2, up from 176 deals in Q1. Overall, though, less money was raised with the Q2 deals totaling $1.6 billion, compared to $1.7 billion last quarter.
Persons: Drake Star, Drake, Mohit Pareek, Pareek, , BPEA EQT Organizations: Drake Star, WWE, UFC, Endeavor, IMG Academy, NeoGames SA, Media, FuboTV, Drake Locations: Sportradar
Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Here's what industry insiders are saying about the deal:1. FanDuel and DraftKings dominate US online sports-betting and gambling market share, followed by BetMGM, according to a July report from Macquarie that analyzed Vixio data. Industry insiders like affiliate-marketing company Gambling.com Group's Max Bichsel aren't sure about that prediction.
Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada
Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Gambling industry insiders thought Disney CEO Bob Iger might make quick work of setting a sports-betting strategy when he took back the reins of the ESPN owner late last year. Here's what industry insiders are saying about the deal:1. Industry insiders like affiliate marketing company Gambling.com's Max Bichsel aren't sure about that prediction.
Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Gambling.com's Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada
Sponsorships aren't the only way influencers can make money working with brands. The Newcastle Network, a private-equity firm, is tapping creators as investors for DTC brands. And Newcastle Network, a private-equity firm based in Boston, is taking those relationships one step further with the help of Village Marketing's Vickie Segar. Since then, she's been developing strategic partnerships with influencers through the private-equity firm, such as tapping those influencers for market research on behalf of the firm's portfolio companies or bringing on creators themselves as investors. Here are 3 ways that private-equity firm Newcastle Networks is working with influencers:Tapping creators for market research.
Persons: Vickie Segar, , she's, Segar, Shawn Johnson East, Andrew East, Chris Casgar, Casgar Organizations: Newcastle Network, DTC, YouTube, Newcastle, WPP, Newcastle Networks, influencers, Andrew, Easts Locations: Boston, Newcastle, Instagram
He works with some of the youngest and highest-paid stars in sports, including Joe Burrow and Trae Young. Everything in sports has a bigger price tag — the salary agreements, media-rights deals, and brand partnerships — and some of that is going straight into the pockets of young athletes. Patricof works with more than 230 athlete clients, including legends like Dwyane Wade, Aaron Rodgers, and Venus Williams. Patricof Co.Other young athletes in his client base include 21-year-old Cade Cunningham; 22-year-olds Corbin Carroll, Walker Kessler, and Kyle Hamilton; and 24-year-olds Justin Jefferson, CeeDee Lamb, and Jaelan Phillips. Nearing the height of their fortune and fame, now is the time for young athletes to start investing and thinking ahead, he said.
Persons: Mark Patricof, Joe Burrow, Trae Young, he's, Patricof, Dwyane Wade, Aaron Rodgers, Venus Williams, He's, Cade Cunningham, Corbin Carroll, Walker Kessler, Kyle Hamilton, Justin Jefferson, CeeDee Lamb, Jaelan Phillips, , Warren Buffett, Buffett, you've Organizations: SpaceX, famers, Co, MLB, NFL Pro Bowl, NBA, NFL Locations: Cholula
Chase Griffin has more than 30 brand deals, and his recent ones are mostly multi-year partnerships. Chase Griffin. 1st College Athlete Brand Ambassador for the largest/most powerful bank in the world. JP MOrgan Chase 1st College Athlete Brand Ambassador. "NIL & Athlete Brands: A NewEra", November 22, 2022.
Persons: Chase Griffin, Griffin, JPMorgan Chase, he'll, influencers, Chase Griffin Griffin, Griffin doesn't, He's, that's, I've, Page, JP Morgan Chase, Lucchese Bootmaker, Frances https, JP MOrgan, Chase Griffin Chase Griffin, Chase, Lucchese, Ed, Arthur Ashe Jr Organizations: UCLA, Gatorade Football, University of California, DirecTV, Foods, JPMorgan, LA Regional Food Bank, Bloomberg, LinkedIn, Boost Mobile, LA Food Bank, DMs, Twitter, JPMorgan Chase, Range Media Partners, WGA, SAG, Brands, ucla, Creative, Banking, Chase Bank, Morgan Wealth, Bank, Champs, Urban Outfitters, United States Polo Association, Lucchese, Hollywood, Marketing, UWG, UC Investments Academy, Fund Public Service, Regional Food Bank, Empowerment, Sports, Entertainment, Beach, Sports Rights, Cannes, Creativity, Cannes Lions, College Football Hall of Fame, Association, Conference, 1st, Financial, JP MOrgan Chase, Brand, of College Athletics, Rose Bowl, Community, Royce, True Bruin, Town Hall, Sports Innovation, Chase Center, NV, Regents, Brand Innovators, College, Los Angeles Times, ESPN, Unilever, Shell, Rose Bowl Stadium, Los Angeles Regional Food Bank, Leadership Team, Council, Range, WPP, University of California Investments, UC, Santa Monica Hospital, Public Affairs, Leadership, UCLA Law, National Football Foundation, Pro Football Hall of Fame, Texas High, Gatorade Locations: Texas, Los Angeles, Opendorse, Instagram, Hollywood, CA, Cannes, Atlanta, Carlsbad, Los Angeles , CA, Pasadena, Los Angeles CA, San Francisco , CA, Los Angeles ,, Las Vegas, United
The Women's World Cup is a big focus for brands to reach a growing audience. The US Women's National Team's latest Women's World Cup match against the Netherlands drew record viewership on July 26, with around 6.4 million viewers. Most of those eyeballs came from the NCAA women's basketball tournament, for which the company had 141 million household views. The Women's World Cup, which kicked off July 20 in Australia and New Zealand, offers another significant opportunity for companies to reach the growing audience of women's sports fans. July 28, 2023: This story has been updated to reflect viewership for the latest USWNT match in the Women's World Cup.
Persons: it's, Jeff Kearney, Buick, Molly Peck, Peck, Marisstella Marinkovic, Ally Organizations: Buick, Nissan, US, Fox Sports, WNBA, NWSL, Gatorade, Lexus, DIRECTV, Armour, Nielsen Sports, NCAA, ESPN, Ally, Google, Nike, Subway, Volkswagen Locations: Netherlands, Australia, New Zealand, Wells Fargo
Insider is creating a list of the top NIL startups shaping the two-year-old industry. More than 20 student-athletes have NIL valuations upwards of $1 million, according to data from On3. These collectives were "hush-hush" even just a year ago, Braly Keller of NIL marketplace Opendorse told Insider. Now, around 80% of all NIL deals go through collectives, per Opendorse data. Now, we're looking to update our findings and highlight in a new list the most influential and innovative companies and startups helping student-athletes get NIL deals.
Persons: Braly Keller
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