Israeli crowdfunding investment group OurCrowd is expanding its portfolio into the sports technology sector.
The company, along with its partner leAD Sports, will create its 13th fund and infuse it with $50 million to be invested in sports tech startups, it was announced Thursday. Called ADvantage, the fund will initially provide 15 startups with Series A funding to help them grow. The startups are in the business of fan engagement and experience, creating connectivity solutions for athletes and communities, and “derivative” sports such as esports and fantasy sports.
According to the announcement, OurCrowd‘s Jeremy Pressman and leAD Sports‘ Christoph Sonnen will co-manage the fund. Pressman is Israel’s sole active venture capitalist to currently be an athlete, which could bring a different level of experience in sports tech to the investments he makes with Sonnen.
“Sports tech is a new and emerging sector with some 4000 companies worldwide and over $5B invested over the past five years,” Pressman said in a statement. “ADvantage will build on the momentum of OurCrowd’s successful investment in Replay Technologies, which was acquired by Intel for $180m. We are excited to continue bringing emerging technologies to our over 25,000 investors and paving the way for the next generation of sports tech startups.”
“I believe that defining the future of sports tech requires new approaches, macro level overview on future trends and a solid eco-system of innovative partners,” Sonnen said in a statement. “This latest announcement of a $50M investment fund together with OurCrowd, one of the world’s most prominent investment platforms, focused on ventures disrupting the Sports industry, bring us a step closer in becoming a global powerhouse for Sports entrepreneurship.”
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LeAD Sports, which is backed by Adi Dassler International Family Office — a firm founded by three grandchildren of Adidas founder Adi Dassler — and based in Berlin, teamed up with OurCrowd in February 2017 and selected 15 startups to receive 25,000 euros per company in direct investment and other services.
Now OurCrowd and leAD Sports are infusing their combined money and experience specifically into sports technology ventures.
Today @leADsports took the next steps in supporting sports startups by collaborating with equity crowdfunding company @OurCrowd to launch a new $50 million fund dedicated solely to sports tech! Photo: Horst Bente introducing the fund at the @OurCrowd Investors Summit in Jerusalem pic.twitter.com/0a1OgoPmE9
— leAD Sports (@leADsports) February 1, 2018