From a $50 million bet on a former Duke University football player to a startup banking on the desires of college athletes to profit from their name, image and likeness, Triangle entrepreneurs are among those leading the way when it comes to digitizing sports.
Here are three companies making big bets.
PlayMetrics
The Covid-19 pandemic wreaked havoc on youth sports – impacting rosters and cancelling matches as the virus spread.
But, broadly speaking, sports have come back “with a vengeance,” said Mike Doernberg, CEO of Morrisville-based PlayMetrics. Doernberg’s software firm company, eMinor, funded PlayMetrics internally, building it up initially with cash gleaned from selling another portfolio firm, Reverbnation.
Doernberg, a soccer player turned soccer dad, said the problem the firm wanted to solve is obvious to parents.
“It’s really historically not been a well-managed process,” he said, noting there are times when “you show up after driving 30 minutes in rush hour only to find out practice has been canceled.”
As youth sports rise in popularity, growing pains compound the problem. Massive youth sports clubs routinely attract thousands of players. PlayMetrics’ first customer, the North Carolina FC Youth soccer league, has thousands of players across the Triangle. That’s thousands of players to sort into teams, to test for Covid, to organize parent communications.
“These clubs have gone from local, community organizations to something much bigger,” he said.
PlayMetrics, which develops youth sports management software, was founded to be the answer. And Doernberg said demand is exploding. The company is currently exploring options for additional financing. Doernberg said the opportunity is big. Youth sports – just like professional sports – are digitizing. And PlayMetrics wants to take advantage of the opportunity.
Booster Athletes
New NIL rules mean opportunity for innovation. Name, Image and Likeness rules allow college athletes to monetize. But the framework is loose. While the star athletes are able to potentially earn millions in sponsorships, the vast majority of college players haven’t been able to fully take advantage of the new rules.
Raleigh entrepreneur Jeffrey Clark wants to help, with Booster Athletes. Its app – which works through a monthly subscription – offers student athletes a platform to connect directly with fans. Athletes share behind-the-scenes content through short-form videos or photos in exchange for monthly or annual financial support. Fans – in addition to subscription payments – can “boost” their favorite athletes through supplemental financial rewards for their content.
Clark declined to say how much money he has raised for the startup – which closed on a small funding round from individuals earlier this year and is planning a larger raise this fall.
He’s betting on the potential of the market. Within days, Clark expects to have 1,000 athletes on the platform.
“We’re at a point now where we’re going to see what the adoption rates look like,” he said.
Teamworks
Teamworks’ recent raise is proof that investors are betting on digitization of the sports industry.
The Durham firm, founded by former Duke University football player Zach Maurides, closed on a $50 million round earlier this year and has big ambitions.
Maurides founded the company in 2006. Its software is a technology platform for sports organizations, allowing coaches and trainers to manage athlete’s schedules.
In a LinkedIn post, Maurides said the firm, which has now raised more than $100 million from the likes of Delta-v Capital, will use its war chest, in part, to “attract the very best talent.”
The company now has 130 employees and three locations, according to its website. And it is hiring. Its jobs page lists 12 open positions.