If you're in the business of sports tech, you're probably familiar with SportVEST, a venture fund that claims to be the world's first partially tokenized sports fund.
What you probably didn't know is that it is now the venture arm of NFL Alumni, and will work with ex-NFL players to invest in sports startups across the country. NFL Alumni is a nonprofit organization comprised of former NFL players, coaches, staffers, cheerleaders, spouses and associate members.
The partnership guarantees NFLA a board seat in SportVEST and allows the organization to tap into attractive investment opportunities in global sports innovation. It will also allow the organization to explore alternative revenue streams through gaming, wearables, endorsements and sponsorships.
Wilmington, Del.-based SportVest was founded in 2017 to bring blockchain technology to sports investments. The company operates on a partially tokenized VC fund, offering limited partners the choice of buying tokens or equity. While its core investment team is global and remote, the company has a general partner based in Boston, and wants to be more "Boston-focused."
"Boston is a big market for us," said Gayatri Sarkar, general partner at SportVest. "We want to invest and fundraise here."
Sarkar, based in Chelmsford, Mass., noted that the fund is interested in investing post-seed and Series A capital in Boston sports startups.
This is the first time NFLA is partnering with a VC fund. The deal, as Sarkar explained it, would involve ex-NFL players sharing their expertise and working with the fund to scout investments and work with portfolio companies in an advisory role.
In turn, SportVest will hold regular workshops for NFLA members on topics such as entrepreneurship, blockchain and tokenization.
In addition to the partnership, SportVest announced that it added former NFL Pro Bowl players Phil Villapiano and Shawn Springs, as well as seven-year NFL veteran DB Ray Ellis to its Athletes Advisory Board.
"We want to bring business acumen to sports," said Sarkar.
Editor's note: Want to know which sports startups that are ahead of the game? Check out our feature on the 12 Sports Tech Startups to We're Watching in 12 Markets.
