Sports software maker Teamworks valued at over $1 billion in latest funding round
Sports technology firm Teamworks said on Tuesday it was valued at over $1 billion after raising $235 million in a funding round led by Dragoneer Investment Group, as it looks to capitalize on the rise of analytics-driven strategies in sports.
The trend toward data-driven decision-making in sports, popularized by Billy Beane of "Moneyball" fame, is fueling increased investment in analytics tools and partnerships, especially as U.S. universities take advantage of relaxed college athlete sponsorship rules.
The latest round will help Teamworks advance its AI-powered offerings across professional, collegiate and Olympic sports programs.
"As the sports landscape changes and as our customers' ambitions grow, this milestone provides significant resources to invest in innovation and world-class talent that will help them succeed," said Kyle Charters, chief financial officer of Teamworks.
The Durham, North Carolina-based company provides a unified platform for communication, operations and performance analytics to over 6,500 sports teams worldwide, including all NFL and most NBA teams, according to the company.
Teamworks has expanded its offerings in recent years through acquisitions, including its entry into the coaching space with the purchase of Telemetry Sports earlier this month.
The latest fundraise, which was a combination of primary and secondary, comes two years after Teamworks raised $115 million in its Series E round.
Startups are opting to remain private for extended periods, securing larger sums in late-stage funding rounds as the recovery of public markets continues at a sluggish pace. REUTERS
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