PlayOn! Sports, an Atlanta-based high school sports media company, has raised $25 million in a Series B round led by local VC firm BIP Capital. New investors included in the round are Tampa Bay Lightning owner and serial Tampa Bay investor Jeff Vinik, Teall Capital and Crossover.
The funding will primarily be used for accelerating the deployment of PlayOn! Sports' Pixellot, an automated production solution, throughout the high school market. The company plans to use some of the investment to also advance consumer products and automated marketing infrastructure. David Rudolph, CEO of PlayOn! Sports, said the company would be expanding its staff of 75 employees as a result of the funding
Founded in 2008, PlayOn streams live high school sports events in communities across the country. The company operates the NFHS Network, a joint venture with the National Federation of State High School Associations and its member state high school associations. PlayOn's Pixellot solution has aided the NFHS Network's live-streaming and on-demand services.
"We provide access to high schools and their student athletes that previously did not exist," Rudolph said. "Additionally, we provide the student athletes' extended families and friends with the ability to watch the events that they cannot personally attend anywhere, anytime, at a reasonable cost."
According to PlayOn, there are more than 4,000 Pixellot units in high schools across the United States, streaming 150,000 live games. The NFHS Network livestreams 27 sports and the events are monetized via consumer subscription. To date, subscription revenue has grown by more than 100% year over year.
PlayOn is one of two sports startups in BIP Capital's portfolio. The VC firm invested $11 million in Huddle, an Alpharetta-based high school event ticketing company.
"We have been partnered with PlayOn! Sports for a number of years. With their recent momentum, defensible position, and go-to-market strategy, we are excited to help accelerate their growth with this round of capital," BIP Capital Chief Operating Officer Mark Flickinger told Atlanta Inno.
Earlier this month, Vinik, a serial investor in multiple projects in the Tampa Bay region, invested $5 million into Bridge Connector, a health tech company based in Palm Beach Gardens and has offices in Nashville and San Francisco. Read our coverage of Vinik at Tampa Bay Inno here.
"With the traction shown by the installed Pixellots, this growth round garnered a lot of investor interest," Flickinger said. "Jeff Vinik, Teall Capital, and Crossover are not only well-heeled investors, but they also bring strategic value to the PlayOn management team."
Rudolph said he was optimistic for the company's initiatives in 2020.
"Our subscription business has grown by more than 100% this year, and we expect to maintain this momentum," he said.
