SeventySix Capital has announced the first close of its second fund, which will invest in “passionate entrepreneurs who are launching game-changing sports betting, esports, and sports tech companies.”
According to the organisation, this new fund will invest in startups that are using analytics, data, and technology to disrupt and innovate the sports sector.
Managing Partner Wayne Kimmel said: “This next fund is an important milestone as we continue building SeventySix Capital as the go-to investment company in the sports industry.
“We have proven that we have access to the deals and entrepreneurs seeking to transform the sports world and that we are able to help them build their businesses with our capital investment as well as our sports relationships, knowledge and expertise.”
Investors and strategic partners
Two more professional sports team owners have joined the firm as investors and strategic partners in the new fund. They are Robert Nutting, the owner of the Pittsburgh Pirates of Major League Baseball, and AMBSE Ventures, a subsidiary of AMB Sports + Entertainment, a portfolio business of Arthur M Blank, the owner of the NFL’s Atlanta Falcons and Major League Soccer’s Atlanta United FC.
The sports venture capital business has been altered by SeventySix Capital, which is led by Kimmel, Jon Powell, and Chad Stender. It has sold three portfolio firms so far in 2021: sports betting media network VSiN to DraftKings, sportsbook Vigtory to FuboTV, and sports and entertainment media company Team Whistle to ELEVEN SPORTS.
Additionally, the firm has added Super Bowl champion Emmanuel Sanders, Alejandro Bedoya, Captain of the Philadelphia Union and Co-Chair of the SeventySix Capital Athlete Venture Group, and James Develin, 3X Super Bowl Champion and former Pro Bowl Running Back for the New England Patriots, to its roster of athlete investors.
Brian Westbrook, former NFL All-Pro Running Back and Chair of the SeventySix Capital Athlete Venture Group; DeMarco Murray, former NFL All-Pro Running Back and Coach at the University of Oklahoma; the Commonwealth of Pennsylvania’s Ben Franklin Technology Development Authority; and multiple family offices are among the return investors.
Sanders stated: “I’m excited to officially join the already dynamic team at SeventySix Capital that I have gotten to know well over the last several years through my marketing agent, Dave Maryles.
“Given my personal passion for esports, it’s great working with Nerd Street, their esports portfolio company. We share similar values and interests in entrepreneurship, the sports business, and overall the drive to work hard to achieve lofty goals.”