A technology company founded by a former Duke University football player has added more than $16 million to its already swollen coffers.
Durham’s Teamworks recently disclosed a nearly $16.2 million raise, hiking its funding haul to nearly $200 million. The disclosure, made through a filing with the U.S. Securities and Exchange Commission, follows several other raises, including a $12.4 million closure in July and a $65 million raise in April 2023.
Teamworks executives did not immediately return a request to comment on the latest raise. But the company, which develops an operating system used by sports teams such as the Carolina Hurricanes and the Washington Nationals, has been making major moves in recent months. The firm recently acquired ZoneIn, an AI-powered sports nutrition app, one of about a dozen acquisitions over the past few years.
Securities filings show the latest equity raise came from 11 investors.
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Teamworks has come a long way from the vision of Zach Maurides, who built the initial version for his alma mater. Maurides cofounded the company with Mitch Heath.
Over the years, acquisitions have expanded its platform. Last year, the firm said the plan is to create an operating system that will “digitize the athlete and service member life cycle and provide an open platform for third-party software providers to integrate into.” It’s also expanded internationally.
Earlier this year, Heath was part of a contingent of business leaders meeting with officials from Northern Ireland to discuss economic opportunities — relevant due to Teamworks’ buy of Northern Ireland’s Kairos. At an event in March, he told officials a recently signed memorandum of understanding between North Carolina Chamber of Commerce and Northern Ireland could fuel even more acquisitions.
But with nearly $200 million raised, could an initial public offering be in its future? TBJ asked Heath last year, and he didn't say.
“I think we’ve always had a mindset of — just grow a great business,” he said after the $65 million raise. “Don’t focus too much on trying to position for a certain outcome — build a great business and great things will happen. But we are further along in the journey, so we have to look at what those potential outcomes might be.”
