GLOBAL
SPORTSTECH VC
REPORT
DEC 2023
POWERED BY
LITE Edition
About this report
GLOBAL SPORTSTECH VC REPORT 2023
Rohn Malhotra
Managing Director
rohn@sportstechx.com
#GSTVCR23
The last quarter of the year is usually a busy time here at SportsTechX. Geing on
the road is a big part of that, as events come thick and fast. But the main reason
is our flagship publication, the latest edition of the Global SportsTech VC Report.
This year marks the 5th edition of this report, a fact that we’re quite proud of.
In some ways, this has been a tough report to write. A good report needs good
data, which for a VC report means investment activity. And unfortunately there
wasn’t much of that this year. 2023 was the lowest year for SportsTech
investment that we’ve seen since 2015, that’s a while ago. Australia had won the
Cricket World Cup. Novak Djokovic finished as the world #1 aer winning the ATP
Finals. New Zealand made another Rugby World Cup Final and Manchester
United were quite rubbish. Wait, all of those things were true for 2023 as well. I
guess some things don’t change.
What did change was the funding landscape for SportsTech, and prey
significantly too. While 2023 was the lowest year for funding, it was also the
highest year for Mergers & Acquisitions that we’ve ever seen. It also saw major
M&A deals in the wider world of sports - the PGA tour and LIV Golf, the WWE and
UFC, the PFA and Bellator. Teaming up was clearly the way to go.
2023 was also a year for some landmark exits in the world of sports. Michael
Jordan le the NBA once again, this time as the owner of the Charloe Hornets,
in a $3 billion deal, which effectively made him a niy $2.25 billion profit. Not to be
le behind, a couple of months later, it was reported that Mark Cuban has
entered into an agreement to sell a majority stake in the Dallas Mavericks,
valuing the franchise at $3.5 billion. All this while my own team's (Manchester
United) sale saga drags on, with Jim Ratcliffe finally giving the Glazers the near $6
billion valuation they were so dearly hoping for.
No wonder we’re seeing so much investor interest in Sports and Sports Tech. In
2023 alone, by our count, we’ve seen 34 new funds enter the market with at least
$4 billion set to be deployed. And that’s a conservative estimate, only half those
funds have reported a fund size. It’s not just traditional VCs looking to make big
deals, celebrities and influencers from various other industries have entered the
Sports Industry in a big way.
Ryan Reynolds and Rob McElhenney teamed up with Michael B. Jordan and a
host of others to experience the high-octane world of Formula 1 through an
investment in the Alpine F1 team. Whether it’s Tom Brady at Birmingham City,
Dude Perfect at Burnley FC or even Kim Kardashian and the NBA. It seems like
the world and their aunt are waking up to the commercial power that sports
wields and the potential that is yet to be unlocked. While the business of sport
understands the power and influence that celebrities, wherever they come from,
bring to the table, this symbiotic partnership could help connect sports to brand
new audiences. And for those who still have doubts, just ask a ‘Swiie’ about their
favourite NFL team.
For our part we’ll continue to research and write about this fast growing industry
that we are privileged to call our place of work. And with that, onto the report.
Happy reading.
#GS TV CR
01
Introduce us to Match Ventures:
Mindspring Sports and Indigo SportsTech joined forces to create
one of Europe's largest sports focused early stage VCs. The
founders are aiming to raise EUR 40 million into the newly created
Match Ventures. First closing will take place as early as January
2024 and the fund will start investing straight away. Mindspring
and its founders Craig Thompson and Anton Brams bring
decades of experience in sports management and tech
entrepreneurship while Indigo is one of the most experienced
SportsTech investors in Europe with 14 investments and 3 exits
under their belt.
What kind of startups will you be looking to
invest in?
We primarily focus on seed to Series A. We look at companies
globally in the sports and entertainment sector, also having
potential relevance in other industries. Our companies can make
an impact in all sports, and also with venues, broadcasters,
streamers, and brands / advertisers.
What is unique about Match Ventures?
A year and a half ago we decided to change our due diligence
approach. We believe investors and tech companies deserve a
more thorough process, making investing less risky. We spend
the first 6 - 12 months as advisors to the most promising
companies in our pipeline. During this time we really get to know
the team, the tech, and their market potential. When these areas
are all positive we have more confidence for investing.
We call this process our Deep Due Diligence, going beyond the
conventional review of a company over a few weeks or months
before a presentation makes its way to an investment commiee
to make a final decision. By spending the additional time geing
to know our portfolio companies, we ensure that we’re not
swayed simply by what is trending at any point in time.
What SportsTech trends are you most interested in?
Sports and technology are converging today in a variety of very
exciting ways. This means that as a prudent and informed
investor, our fund scans the entire market for opportunities that
arise at various points of this convergence.
That said, there are specific areas we look at more closely, given
our previous experience and expertise. Currently we are most
involved with companies in the areas of Web3 fan data and
engagement, video production and audience tracking, being
tech and data capture, AR/VR, fan activations, and tech to
support brands sponsoring sports.
Above all, we believe the most important trend in sports at this
moment is around rights holders really understanding that their
commercial and digital teams have to work very closely together
to achieve their growth potential. The sports broadcasting
landscape is in a pivotal moment. The shi away from traditional
broadcasting to streaming has been accelerated by increased
interest from tech companies like Apple, Amazon and Google
who look at sports as an integral component of their streaming
offerings. All this while sports rights holders are also
experimenting with going Direct-to-Consumer (D2C). This
shiing dynamic creates opportunities that we believe our
experience puts us in a great position to capitalise on.
What can we expect from Match Ventures in 2024?
Over the next 2 years we are expecting to make 15 to 20
investments, and follow-ons thereaer. Even in 2023, while
investment activity has been low, we have continued to execute
deals that fit with our investment thesis. We firmly believe
SportsTech will continue to grow in importance for the next
several years at least and our fund will continue to support that
growth.
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
02
Foreword from our partner: Match Ventures
Previous portfolio includes:
Craig Thompson
General Partner, Match Ventures
Luxembourg
matchventures.com
SportsTechX - Market Intelligence for investors & professionals
Insights
Reports
Industry-leading reports that combine facts and
figures with qualitative insights.
Database
Leading global database to find the best startups
& initiatives to engage with.
Newsleer
Cuing through the noise with topic features,
interviews & major industry updates.
Podcast
Showcasing startups and relevant initiatives from
the world of Sports & Tech.
Blog
Market insights with event reports, landscape
overviews and startup related articles.
Social Media
Weekly show on Youtube, engaged Global
SportsTech Network on LinkedIn & regular social
posts.
About Us
SportsTechX is the #1 source for data & insights about startups
& innovation in Sports. Our mission is to promote and navigate
the global SportsTech ecosystem.
We
frequently publish content
in
formats such as
industry-leading reports, podcasts and newsleers, and appear
as keynote speakers at events. Our insights are based on our
SportsTech Framework which provides a systematic structure
to find, compare and assess all things SportsTech on a global
level.
We work with investors and organisations in sports and
adjacent industries helping them with market analysis and
connecting them with startups. We also support select
startups in business development and fundraising.
Services
Content
Industry leading content providing editorial
insights and market updates to a B2B audience
on all things related to sports and innovation
across content formats: text, video or audio.
Consult
Bespoke projects ranging from workshops on
specific topics, co-published research or
strategy development to establish stronger
presence in SportsTech ecosystem.
Connect
Provide resources and network connections to
help startups meet fundraising goals and
investors find aractive dealflow.
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
03
Key Insights - Global SportsTech 2023
Numbers excluding undisclosed Deals/Acquisitions
Data Date: Oct 31 2023
* end of year projection
Icons made by Freepik, juicy_fish & berkahicon from www.flaticon.com.
GLOBAL FUNDING
TOP COMPANIES
TOP TRENDS
$2b* in Global Funding
$13.8b* in
SportsTech
Dealflow
$11.6b* in Global M&A
34 New Funds in
SportsTech
28% Funding for
Fitness Hardware
$265m biggest round
for VSPO
6 new Unicorns,
32 in total
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
04
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
The SportsTech Framework - A systematic approach to the industry
SportsTech Framework
Nov 2023
@sportstechx | sportstechx.com
About the framework
We introduced the framework in 2017 in order to provide a
common understanding and structure for the SportsTech
ecosystem. Since then we have constantly enhanced it, to
ensure that it’s the best and most up-to-date tool to
identify, compare and assess all things SportsTech on a
global level.
In this latest update, the three main sectors remain the
same as before and are organised based on their target
audience: The Athlete, The Sports Executive and The Fan.
However we have made some updates to the next level of
classification - sub sectors and sub-sub sectors - which
provide additional
levels of detail and a deeper
understanding. You’ll find a detailed explanation of the
updated framework on the following page.
This framework forms the core of all our intelligence, e.g.
the reports and the database.
Even though the framework is proven-in-practice, there will
always be situations in which startups can be assigned to
two or even more sub or sub-sub sectors, which simply
cannot be avoided. We invite everyone to share their
feedback as we’re always looking to further optimize our
work.
Read the full article
For Athletes
Activity & Performance
For Fans
Fans & Content
For Executives
Management & Organisation
Organisations & Venues
Team & Club Management
League & Event Management
Stadium & Facility Management
Media & Sponsors
Media Production
Sponsorship
For Activity - Hardware
Wearables
Equipment & Infrastructure
For Activity - Soware
Tracking & Analytics
Classes & Tutorials
Before / Aer Activity
Booking & Discovery
Recovery & Injury Prevention
Coaching & Recruitment
Content Platforms
News & Content
Streaming Platforms
Fan Experiences
Fan Engagement
Ticketing & Merchandise
Fantasy Sports & Being
Fantasy Sports
Being
Enablement
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
05
GLOBAL SPORTSTECH VC REPORT 2023
The most important investment numbers in Global SportsTech
over the last five years. Looked at from a geographical and sector
perspective.
A look at the top companies in SportsTech, covering most funded
ones as well as M&As, IPOs and unicorns, and the investors behind
the deals.
Three deep dives into innovation trends at the forefront of the
SportsTech industry. Also includes expert interviews and an
investor ecosystem overview.
Dashboards for the global SportsTech industry and its main
sectors, showcasing the most important facts & figures to provide
a holistic overview.
GLOBAL FUNDING
1
TRENDS & ECOSYSTEM
TOP COMPANIES
INDUSTRY SNAPSHOT
2
3
4
CONTENTS
08
20
15
33
#GS TV CR
06
01
FACTS & FIGURES
5 year Funding Development
Leading Countries & Cities
Leading Sectors
08
09
11
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
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Funding + Mergers & Acquisitions Activity 2019 - 2023 in Global SportsTech
GLOBAL SPORTSTECH VC REPORT 2023
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
15.0
10.0
5.0
0.0
2019
2020
2021
2022
2023
M&A Rounds
Funding Rounds
M&A $b
Funding $b
2.99
Avg ($m)
Median ($m)
Ticket Size
7.8
1.0
360.7
12.6
801.4
660.0
10.3
1.1
21.1
1.8
298.4
140.1
20.1
3.1
798.7
849.4
12.3
2.5
650.0
61.0
*As of 31 Oct 2023 **End of year estimate
#GS TV CR
08
2023 ‘Year of Consolidation’, M&A activity surges
Funding dries up but M&A surges
Looking at the 2023 funding number, set to top out at
around $2 billion, words like abject, dismal and
disappointing come to mind. Across sectors, there has
been a clear slowdown in investment activity post the
post-pandemic boom. Without going into the well
documented reasons, we wondered how we talk about a
year where not much really happened. But then we
asked ourselves, what really happened? The numbers
delivered the answer.
2023 will be the year with the lowest funding since 2015.
Conversely, 2023 will be the highest year ever for
Mergers & Acquisitions activity, crossing $11b by our
year end estimate.
That suggests it wasn’t that there was no money to go
around, it was simply being routed differently. In fact,
combining the Investment and M&A activity, 2023 takes
second place only to the record shaering 2021. Given
that the 2 pillars are almost mirrors of each other, we’re
christening 2023 as the much needed ‘Year of
Consolidation’ in SportsTech.
Our data cut off for this report is Oct 31. We’ve
extrapolated the actual numbers to our end of year
estimates, which incorporate a 25% reporting lag buffer
for funding amounts and 15% for M&A.
1.5*
8.4*
11.6**
3.4
5.6
4.0
4.0
8.0
12.5
4.8
8.4
3.2
2.3**
17.3
13.8**
631
43
50
38
35
81**
59*
496
663
468
2.2
164*
246**
11.6
Countries by Funding 2019 - 2023 in Global SportsTech
Countries by Funding in 2023 in Global SportsTech
Amount ($m)
16,259.8
3,209.0
2,650.7
1,241.4
1,164.5
1,106.5
933.5
893.6
508.0
211.7
Rank by # of
Startups
1
3
10
7
2
5
6
9
14
12
Share of top
deal
23.3%
84.1%
97.0%
39.5%
95.4%
37.2%
97.1%
100.0%
100.0%
61.4%
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
Amount ($m)
557.9
315.0
231.9
126.4
89.0
80.6
20.6
8.5
7.3
7.2
+/- Rank change compared to previous year, NE - New Entry
+/- Rank change compared to previous year, NE - New Entry
Country
USA
India
China
Germany
UK
Canada
France
Brazil
Israel
Sweden
Country
USA
China
Germany
UK
Brazil
India
Sweden
Philippines
Isle of Man
France
GLOBAL SPORTSTECH VC REPORT 2023
+1
+1
-2
0
0
0
0
0
0
0
+2
+5
-2
+12
NE
+21
+4
0
0
0
#GS TV CR
09
No change in top 3 overall, very little in top 10
Low deal flow adds new names
Hardly any changes in the top 10. In fact the only change
we saw was Canada dropping a couple of spots,
overtaken by Germany and the UK. This is mainly due to
the fact that the investment numbers in 2023 have
hardly had any impact on the overall ranks which are
primarily made up of the high investment seen in the
years 2021 and 2022.
The US once again tops the list, both overall and in 2023.
8 of the top 10 from the 5 year list also appear in the 2023
list, indicating that major SportsTech markets broadly
retained their status as hubs for innovation and
investment activity. The two new names did make for
interesting reading - Philippines and the Isle of Man.
These welcome additions contribute to the growing list
of SportsTech markets.
Worth noting that five of the top 10 were included
essentially on the back of one major deal, accounting for
over 90% share of top deal. The most well balanced
markets? The US (of course), followed by India and the
UK. France just about made the top 10 but the wide gulf
between them and the US, which holds the top spot,
just goes to show how a lile bit of activity went a long
way this year.
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
Cities by Funding 2019 - 2023 in Global SportsTech
Cities by Funding in 2023 in Global SportsTech
Amount ($m)
3,545.1
2,590.2
2,335.4
1,833.9
1,063.8
1,032.5
953.1
892.9
837.8
752.5
Amount ($m)
265.0
229.4
152.5
124.8
89.0
85.2
65.0
54.5
53.9
50.0
Country
Jacksonville
New York City
San Francisco
Mumbai
London
Bangalore
Los Angeles
Sao Paulo
Paris
Santa Monica
Country
Shanghai
Munich
San Francisco
London
Sao Paulo
New York City
Durham
Miami
Los Angeles
Hong Kong SAR
Rank by # of
Startups
225
2
3
22
1
9
4
12
5
32
Share of top
deal
100.0%
98.1%
85.3%
40.1%
95.5%
45.1%
100.0%
64.3%
55.7%
100.0%
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
GLOBAL SPORTSTECH VC REPORT 2023
-1
+1
-1
0
+1
-1
NE
+1
-1
+1
+3
+24
-4
+20
+8
-6
-6
NE
+12
+9
#GS TV CR
10
Jacksonville goes top, London enters top 5
Indian cities drop out in 2023
Jacksonville has finally dethroned New York as the
biggest city for SportsTech. However, it’s in that position
only because of one company (Fanatics) and more
importantly Jacksonville didn’t see a single funding
round in 2023, making it hardly worthy of the title of
Global SportsTech capital. The reason for the jump is the
elimination of a good year (2018) from the analysis,
replacing it with a not-so-good one (2023). In fact, New
York, despite ranking 6th, has the lowest ‘share of top
deal’ percentage for the top 10 cities in 2023.
Both lists are dominated by American cities, taking up 5
of the 10 spots in each. No Indian cities in the top 10 is a
surprise, given that India held on to 6th in the country
list. The highest ranked Indian city is Delhi NCR coming
in at 11th with Bangalore closely following in 13th. An
indicator that multiple markets in India are growing
simultaneously.
China made a bit of a comeback, with Beijing taking top
spot in the 2023 list, albeit with just one deal for Esports
platform VSPO. São Paolo also deserves a shoutout for
coming back into the list.
+/- Rank change compared to previous year, NE - New Entry
+/- Rank change compared to previous year, NE - New Entry
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
Fans & Content top overall, Athlete solutions top in 2023
For Activity - Hardware leads in 2023
Overall Fan focused solutions drive the SportsTech
market, accounting for 51% of the total $30 billion
invested since 2019. With 26% of that total, Fan
Experience is the leading sub-sector,
fueled by
previously made investments into Fantasy sports, Web3
based engagement, or content platforms. However, the
sector saw reduced interest in 2023, accounting for only
42% of the total investment.
The top sector for the year was Solutions for Athletes,
the Activity & Performance sector which which
accounted for 45% of total investment. Granted the
sample size was much smaller this year, but it is still
interesting to see how the FitnessTech trend doesn’t go
away. We’ve been talking about this every year since
2020, even dedicating an entire FitnessTech Report to
the topic. People continue to invest in their own bodies
and, as a result, solutions and investors follow.
Solutions for Executives, Management & Organisation,
continued at its steady pace of around 10-12% of overall
funding. In fact in 2023 it almost hit the dizzying heights
of 13%! We might need a minute for the excitement to
sele down.
GLOBAL SPORTSTECH VC REPORT 2023
Funding per Sector 2019 - 2023 in Global SportsTech / Funding per Sub-Sector 2023 in Global SportsTech
15,000.0
20,000.0
10,000.0
5,000.0
800.0
600.0
400.0
300.0
100.0
0.0
11,266.9
For Athletes:
Activity & Performance
For Activity - Hardware
For Activity - Soware
Before / Aer Activity
For Fans:
Fans & Content
Content Platforms
Fan Experiences
For Executives:
Management
& Organisation
Organisations & Venues
Media & Sponsors
Fantasy Sports & Being
4,163.6
3,671.7
3,430.7
662.6
414.0
75.7
172.9
628.2
291.2
97.9
239.0
185.6
124.4
61.2
2019 - 2023
2023
3,256.2
2,008.8
1,247.4
15,102.5
3,055.4
7,603.4
4,443.6
#GS TV CR
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DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
38%
51%
11%
45%
42%
13%
Get the Pro Version of the report - More data, deeper insights
GLOBAL SPORTSTECH VC REPORT 2023
PRICE: €999
AVAILABLE HERE
#GS TV CR
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Top 5 funded companies by sub-sector
Company details and funding amount for the top 5 funded companies by each
sub-sector for 2019-23
1
Investment overview by region: North America
5 year funding breakdown, Top 5 Most Funded Countries, Top 5 Most Funded
Companies, Funding per Sector & B2B vs. B2C Funding for 2019-23 in North America
2
Investment overview by region: Asia Pacific
5 year funding breakdown, Top 5 Most Funded Countries, Top 5 Most Funded
Companies, Funding per Sector & B2B vs. B2C Funding for 2019-23 in Asia Pacific
3
Investment overview by region: Europe
5 year funding breakdown, Top 5 Most Funded Countries, Top 5 Most Funded
Companies, Funding per Sector & B2B vs. B2C Funding for 2019-23 in Europe
4
Investment overview by region: Rest of World
5 year funding breakdown, Top 5 Most Funded Countries, Top 5 Most Funded
Companies, Funding per Sector & B2B vs. B2C Funding for 2019-23 in Rest of World
5
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
SPORTSTECH DB
Global database to find the best startups in the
SportsTech ecosystem with real time analytics
Sign up at sportstechx.com/sportstechdb
for a 7-day free trial of the PRO DB.
GLOBAL SPORTSTECH VC REPORT 2023
#GSTVCR
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02
TOP COMPANIES
Most Funded Companies
M&As
Unicorns and IPOs
15
16
17
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
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Healthy mix in 2023, FitnessTech and Fan Experiences lead
Top Companies by Funding in Global SportsTech All-Time
We've alternated between presenting this list in two ways: either genuinely All-Time or over the last
5 year period. This year, we’ve gone genuinely All-Time. Fanatics retains top spot by a long way,
valued at $31 billion during their last $700m funding round in Dec 2022. The whole market is eagerly
awaiting that IPO. Gaming streamers, FitnessTech, and Web3 based fan solutions fill out the list of
biggest SportsTech companies.
For Athletes
For Fans
For Executives
Top Companies by Funding in Global SportsTech 2023
2023's list is more diverse. VSPO showcased China’s continued investment in Esports / Gaming,
while a few FitnessTech plays - eGym, Tonal (at a much lower valuation than before) and Gympass
- make up the top 4. The last 4 are all focused on Fan Experiences, either using Web3 or enhancing
IRL experiences. Sandwiched in-between those are some B2B heavy hiers in TeamWorks, who
have been on an acquisition spree in 2023, and Veloce Media.
For Athletes
For Fans
For Executives
Fanatics
Sports ecommerce, being & digital collectibles
Jacksonville
$4,845.0m
1
Huya
Esports streaming platform
5
Guangzhou
$863.0m
Zwift
At home training for running, cycling & fitness
Long Beach
$614.5m
9
Douyu TV
Esports streaming platform
Wuhan
$1,128.0m
4
Peloton
Smart fitness equipment with community
$,1869.7m
2
New York City
CureFit
Online & offline fitness, nutrition, and mental
well-being
Bangalore
$624.6m
8
VSPO
Esports content & tournaments platform
Shanghai
$265.0m
1
Candy
Blockchain based digital collectibles & games
New York City
$38.4m
8
Animoca Brands
Blockchain based fan engagement solutions
Hong Kong SAR
$50.0m
7
Veloce Media Group
Decentralized gaming and sports media company
London
$50.0m
6
F1 Arcade
Immersive F1 racing simulators
London
$37.9m
9
Jump
Fan experience platform for live events
Los Angeles
$30.0m
10
Tonal
Smart fitness equipment
San Francisco
$130.0m
3
Gympass
Fitness facilities discovery platform
Sao Paulo
$85.0m
4
Teamworks
Team and Athlete management solution
Durham
$65.0m
5
Animoca Brands
Blockchain based fan engagement solutions
Hong Kong SAR
$772.5m
6
eGym
Smart equipment & soware for fitness facilities
Munich
$225.0m
2
Dream 11
Fantasy sports platform
Mumbai
$1,625.0m
3
Sorare
Blockchain based fantasy sports platform
Paris
$739.0m
5
Mindbody
Soware for fitness and wellness businesses
San Luis
$614.5m
1
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
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DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
GLOBAL SPORTSTECH VC REPORT 2023
#
1
2
3
4
5
6
7
8
9
10
Acquirer
Savvy Gaming Group
Legends Hospitality
Penn National Gaming
Beer Collective
Entain
Shi4
Vivid Seats
Beer Collective
GameSquare Esports
GBarena
Top 10 Acquisitions 2023 by value in Global SportsTech
Notable Acquisitions 2023 in Global SportsTech
Deal Value $m
4,900.0
2,400.0
550.0
188.0
160.0
100.0
61.0
54.0
17.0
15.0
Acquired Company
Scopely
ASM Global
Barstool Sports
Playmaker Capital
365Scores
SpotOn
Wavedash
Playmaker HQ
FaZe Clan
Galactech Studio
#
1
2
3
4
5
6
7
8
9
10
Acquired Company
AirCourts
Ata Football
Epi
FatMap
Matchday
Smartabase
SzuperChess
TeamGenius
Vindex
Wagr
Acquirer
Playtomic
DAZN
Fanatics
Strava
Game Theory
Teamworks
Checkmate Live
Human Powered Health
ESL Face It
Yahoo
#GS TV CR
16
2023 the ‘Year of Consolidation’, highest number and volume of M&A deals
Deals spread across sectors
Till Oct 31, $8.4 billion worth of deals have been closed,
projected to hit $11.7 billion by year end. That will be
more than the previous four years combined! Given that
the general market interest in SportsTech is at a really
high level, the steep decline in investment was hard to
understand, even amidst a global investment slowdown.
However, looking at the M&A activity, it’s clear that
capital was simply being used differently. And
understandably so, considering the hyped up valuations
seen in 2021, the market needed a correction.
So which sectors saw the most activity? Traditionally,
Sports Being companies have been the most active
when it comes to consolidation. But in 2023 it’s been
more varied. While there is a notable being deal (Penn
National Gaming & Barstool Sports), there are also
significant deals from Esports and quite a few from the
Sports Content space. Even a couple from ticketing and
commerce.
Among the deals with undisclosed deal sizes, a glance
at only the acquirer's names underscores the variety of
companies that were actively pursuing acquisitions in
2023 - Fanatics, DAZN, Strava, Playtomic, Yahoo,
Teamworks. These are all giants in their own sectors,
looking to get even bigger.
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
GLOBAL SPORTSTECH VC REPORT 2023
Unicorns in Global SportsTech
IPO
Acquired
Neither
theScore
Toronto
$2.0b
Zwift
Long Beach
$1.0b
Fanatics
Jacksonville
$31.0b
Dapper Labs
Vancouver
$7.6b
Whoop
Boston
$3.6b
DraftKings
Boston
$17.1b
Gympass
Sao Paulo
$2.4b
Sportradar AG
St. Gallen
$3.0b
Cure Fit
Bangalore
$1.5b
Hupu
Shanghai
$1.0b
Fiture
Chengdu
$1.0b
Ali Sports
Shanghai
$1.3b
VSPO
Shanghai
$1.1b
Sorare
Paris
$4.3b
Fitbit
San Francisco
$1.9b
Strava
San Francisco
$1.5b
Dream 11
Mumbai
$8.0b
Games 24x7
Mumbai
$2.5b
Mobile Premier League
Bangalore
$2.3b
Keep
Beijing
$2.1b
iQiyi Sports
Beijing
$5.0b
Le Sports
Beijing
$3.3b
Genius Sports
London
$1.2b
ClassPass
New York City
$1.0b
FanDuel
New York City
$20.0b
Clear
New York City
$1.8b
Candy Digital
New York City
$1.5b
Peloton
New York City
$2.0b
Seatgeek
New York City
$1.0b
Animoca Brands
Hong Kong
$5.9b
iFit
Logan
$2.6b
#GS TV CR
17
6 New Unicorns in SportsTech in 2023
32 companies across 9 countries
We reported 38 unicorns in last year’s report. We’re down
to 32 a year later. 9 companies have had to be excluded
from this list for one reason or another. The likes of
Twitch and Disney Streaming might have had their
origins in Sports and Gaming but are now too broad to
be included.
Others have seen their valuations drop significantly.
Listed companies such as SIGNA Sports, FuboTV & F45
Training have seen a big chunk of their Market Cap
disappear. On the other hand, the likes of Tonal have
seen their valuations marked down in recent investment
rounds. More reasons for that cautious investor
sentiment we’ve spoken about earlier.
Providing reasons for optimism are the new names
added to this list. iFit, Clear, VSPO and SeatGeek have
had their valuations marked up to join the ‘Three
Comma Club’ while Fluer Entertainment should have
already been on this list last year.
We also have a list of ‘Soon-icorns’ to look out for: eGym,
AllTrails, Pixellot and Overtime are just some of the
names that we track closely for news that might deserve
a spot on our map.
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
Flutter Entertainment
Dublin
$27.8b
Get the Pro Version of the report - More data, deeper insights
GLOBAL SPORTSTECH VC REPORT 2023
PRICE: €999
AVAILABLE HERE
#GS TV CR
18
Most active investors in Global SportsTech
Most active seed (<$1m) and early stage ($1m+) investors in Global SportsTech
2019-23 with deals completed in last 12 months and last 5 years
1
Investments by Deal Size
Count and Volume invested split by deal value: <$1m, $1-10m, $10-25m, $25-50m,
$50-100m, $100m+, Undisclosed
2
Summary of Mergers & Acquisitions 2019 - 2023
5 year Acquisitions breakdown, Top 5 Acquiring Countries, Top 5 Disclosed
Acquisitions, Acquisitions by Sector & B2B vs. B2C Acquisitions for 2019-23
3
Summary of Unicorns & IPOs 2019 - 2023
5 year breakdown of new Unicorns per year, Countries by number of Unicorns,
Top 5 Valued Non-Unicorn SportsTech Companies, Unicorns by Sector & B2B vs.
B2C Unicorns for 2019-23
4
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
19
Listen to the SportsTech
AllStars Podcast
Conversations with startups,
investors and leading initiatives
from the world of Sports & Tech
The most convenient way to
know what is happening in the
global SportsTech ecosystem.
A weekly look at the top news
from theworld of Sports
& Technology
Available on all popular podcast
platforms or here
sportstechx.com/newsletter
youtube.com/sportstechx
Subscribe to the
SportsTechX Newsletter
Tune in to
STX Weekly
TRENDS & STARTUP FEATURES
More VCs in SportsTech:
34 New Funds in 2023 with $4B+ to deploy
M&A in Sports:
Soaring Valuations and Multi-Billion Dollar Deals
Fitness Hardware Still Hot:
Investors Continue to Show Interest
21
24
27
03
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
20
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
21
More VCs in SportsTech: 34 new funds with $4B+ to deploy
Athlete(s) led / involved
9 funds / $1.2 billion+
9 funds / $1.4 billion+
6 funds / $700 million+
4 funds / $120 million+
5 funds / $410 million+
New Funds
Follow On Funds
Gaming Funds
Women's Sports focused
Team / League led
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
Capital will reach the market, slowly but surely
We wrote an article about this recently. Yes, 2023 has been a rough
year for startups looking for funding with the amount invested at a
5 year low. Earlier in this report we covered the increased M&A
dealflow, which has been at an all-time high. So it’s not that there’s
no capital, it’s just being deployed in a different way.
What’s been most interesting to see over this same period is the
sheer number of funds entering the space - either new investors or
existing investors with follow on funds. By our count, 34 Funds with
at least $4b+ of announced capital over the last 12 months. Yes,
some of that has already been deployed but most of it is yet to hit
the market. That’s a fair bit of dry powder and we’re waiting for the
boom.
Beyond the funds, the wider interest in SportsTech is prey evident.
Big Tech - Amazon, Apple & Google - have spent a fair bit of capital
investing in sports rights acquisition. In the US alone these are set
to reach $30b by 2025. And while Sovereign wealth funds are
increasing their investment in sports, so are family offices. Sport
has proven resilient in times of economic downturn and even
through pandemics. Therefore it’s no surprise that more players
want in on the action.
2 funds / $80 million+
Australian Govt.
UK Govt
SportsTechX Startup Spotlight: Mingle Sport
This year we decided to run the first edition of our SportsTechX
Startup Spotlight, focused on some of the best emerging
startups in sports, fitness, or gaming. Nearly 100 applications
from 20+ countries were brought down to 3 and then eventually
1 winner. Helped by our own proprietary Startup Scoring
algorithm. More on that to come.
Congratulations to the 3 finalists, and especially to the winner:
Mingle Sport
What does Mingle Sport do?
Mingle Sport is an app for football teams who want to get more
out of their game. Track player performance, share match content
and manage their team. Teams only need a mobile phone to
capture moments that maer. They use mobile technology + AI to
create pro level stats and videos and integrate with tools that
teams are already using.
Key achievements you want to highlight?
Globally launched free version in Sep ‘23
70k+ players, coaches and fans registered
First AI sport test (shot quality) launched in beta
Build automatic AI video improvement (zoom, replay, slowmotion)
What’s coming up for Mingle Sport?
We know what users want more in terms of stats, content and
team management. We are experimenting with premium
products and will launch various AI features that will allow users
to get stats & content previously only available for pro’s. This will
include the launch of Mingle Pro beta and introduction of more AI
features for premium media and advanced performance stats
We are also eventually looking to add more sports (next up: field
hockey). In terms of partnerships, we are open to working with
brands and integrating with sportstech ecosystem partners (eg.
leagues, wearables and/or camera providers)
The Founding team that brought this idea to life are:
Freek Bijl - CEO (former role: Global Strategy Director at Valtech)
Joost Bollen - CTO (former role: A.I. Lead Developer & Solution
Architect )
Tim van Asch - CXO (former role: A.I. Digital Product & Design lead)
Nicky Rog - CMO (former role: Digital consultant at Valtech)
Currently fundraising?
YES, we are currently raising a new seed round. Feel free to reach
out to us to know more.
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
22
Utrecht, The Netherlands
mingle.sport
Flowstate: Automated video capture for surfers.
Flowstate is the new platform to automate content capture,
editing & delivery designed specifically for surfers. Leveraging
AI computer vision models that have been trained to track
and identify surfers. Flowstate is currently focusing on the
new, and rapidly evolving wavepool market.
Flowstate in 2024 will be available in Phoenix, Dallas & Waco
Texas (US) & in Berlin (Europe) with more to be announced
very soon. They recently won the Innovation Award at the
2023 Surf Park Summit - The Wavepool Industry Conference.
Finalists
FanBlock: Own a square of your team’s home ground, own a
piece of history
Fanblock is a sports fan engagement platform using
blockchain technology and web3 functionality to leverage a
club’s global fan base and monetise this engagement.
Fanblock has launched with AC Milan in Serie A and
Toenham Hotspur in the English Premier League with many
more clubs in the pipeline and entering into other sports
verticals in time (American College Football, NBA, IPL, NFL)
fanblock.com
flowstate.zone
CricHQ: Making Cricket Even Better
Playmaker Labs New Zealand is a successful and innovative NZ
business involved in Media, Sports and Technology.
They integrate cuing-edge technology, sports analytics, and
engaging content to deliver authentic digital experiences to
sports enthusiasts with their products, namely cricHQ for scoring
and analytics, My Action Sport for streaming, and Cricket
Allrounder for Coaching and Education to training sports
persons.
With a team of skilled developers, analysts, and content
specialists, Playmaker Labs is reshaping the digital sports
landscape, promising an exciting future for sports fans worldwide.
What does Jio, as a partner in India with
Playmaker Labs, imply?
Our collaboration with Jio via their JioStore distribution network
will pioneer groundbreaking sports, educational, gamification,
fantasy sports, and rewards programs. While the initial focus
revolves around cricket, the partnership’s vision extends far
beyond the boundaries of a single sport. Playmaker Labs
envisions the
introduction of multiple sports verticals,
broadening its scope and captivating diverse sports enthusiasts.
The company’s product is currently used by more than 14 national
governing bodies, around 1000+ state cricket associations and
2000+ clubs globally. The partnership with Jio will augment its
products and offerings in India by opening the path for Jio’s user
base.
How will this deal shi sports viewing in India?
The collaboration between Playmaker Labs and Jio Platforms
marks a monumental leap in the digital sports industry. Their
shared vision and innovative approach are poised to redefine how
millions of fans globally experience sports. The collaboration
presents an unprecedented opportunity for Playmaker Labs to
become a leading revenue generator in India’s dynamic digital
market. It will help the company transform from a cricket
organization to a sporting organization by expanding its
community outreach and bringing technology-assisted sporting
products to Jio’s customers.
What are your immediate plans aer sealing this
partnership?
Playmaker Labs plans to reach players, clubs, sporting fans and
communities to provide them with an array of digitally
augmented products. The aim is to change the way sports is
consumed in India. With cricHQ scoring technology and My
Action Sports video highlights, upcoming stars can bring their
stats to scouts’ aention. The partnership provides Playmaker
Labs with a ready customer base of 10 million plus Jio set-top box
users and 180 million plus Jio phone users.
What are your future expansion plans?
Playmaker Labs wants to diversify from cricket into other sports
and games with their dynamic product offerings. The company is
already working around Football and Hockey training using
technology. The company aims to reach grassroots-level players
and assist them with skill development around sports by
promoting sports inclusion. It is working to provide tech services
and engaging closely with unserved segments. The company also
aims to make significant headway into the fantasy gaming sector,
quickly growing in India and globally. Apart from India, it plans to
expand into the Middle East, Europe, and the US. The objective is
to position Playmaker Labs as a “play tech” company offering
‘super-sports’ applications. The company is raising capital and are
seeking potential investor partners who can be a part of the
successful sports story.
Sreedhar Venkatram
Director & CEO - South Asia,
Playmaker Labs NZ
Wellington, New Zealand
playmakerlabs.com
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
23
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
24
M&A in Sports: Soaring Valuations and Multi-Billion Dollar Deals
* to be confirmed
Build synergies rather than compete
We’ve christened 2023 as the ‘Year of Consolidation’ in SportsTech,
looking at the heightened M&A activity through the year. Moreover
it seems like this moniker can also be extended to the Sports
industry in general. We’ve noted a number of prominent deals over
the course of the year where sports entities have joined forces for a
variety of reasons: to eliminate competition between each other
(PGA and LIV Golf), to create crossover and cross-promotion
synergies (WWE & UFC) or form a combined entity to compete with
‘the big boys’ (PFA & Bellator).
In each of those deals, akin to any M&A deal, the underlying belief
seems to be prey clear: more can be achieved together than
apart. And with good reason, few asset classes have appreciated as
dramatically as sports franchises or assets have in recent years.
Between 2018 and 2023, the combined value of Forbes’ analysis of
the 50 most valuable sports franchises surged by a staggering 90%
to $256 billion. Considering the increased private investments in
sports, the prevailing belief is that there is further value to be
unlocked. Another illustration of this trend is the emergence of
Multi-Club Ownership models (MCOs) in Football.
As sports entities continue to find new ways of teaming up
together, a pertinent question arises: does the sports fan actually
benefit from all this? Or will they just be asked to foot the bill
through increasingly expensive streaming subscriptions? Only
time will tell.
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
21.40
7.00
6.00
4.00
3.00
1.50
1.30
1.20
1.20
0.95
Undisclosed
Undisclosed
Deal Value ($b)
USA
USA
USA
USA
USA
UK
USA
Israel
Italy
USA
USA
USA
Acquiree Country
WWE & UFC
Creative Artists Agency
Washington Commanders
Phoenix Suns & Phoenix Mercury
Charloe Hornets
Manchester United*
IMG Academy
NeoGames Technologies
AC Milan
Oawa Senators
Bellator
PGA Tour*
TKO Group
Groupe Artémis
Dan Snyder and Group
Mat Ishbia
Gabe Plotkin & Rick Schnall
INEOS Group
Nord Anglia Education
Aristocrat Technologies
Red Bird Capital
Michael Andlauer and Group
PFA
Liv Golf
Acquiree Name
Acquirer
USA
France
USA
USA
USA
UK
UK
Australia
USA
USA
USA
USA
Acquiree Country
Factoreal: Convert Every Casual Fan To A Die-hard Fan!
The sports industry is experiencing transitional trends with
significant tailwinds for growth and transformation.
But, there is no sports business without fans. Having a
super-engaged fanbase is fundamental for a team’s long-term
business success. The connected fan today expects their
favourite teams to connect with them in ways similar to D2C
brands like Amazon or Netflix. But sports fans are more than just
customers. They are passionate, loyal, and invested in the
success of their team with a deep emotional connect.
Sports marketers are challenged
today
with
the
generic
cookie-cuer approach of the
numerous Martech tools out
there, which do not maximise
engagement,
insights,
or
monetization.
A
tailor-made
solution for the industry that
recognizes fans for who they are,
while at the same time solving
the issues of disjointed tools,
data silos, and cost of ownership,
is the need of the hour.
Such a solution would enable:
Unifying fan data across all touchpoints.
Avoiding “Spray n Pray” - segmenting the fan base &
personalizing all communication.
Automating fan journeys & workflows to improve operational
efficiencies.
Meeting fans on the right channel at the right time with the
right message.
What is Factoreal? Is it the solution that Sports
marketers need?
Factoreal is a Sports & Entertainment focused solution, which
simplifies the communication stack, unifies fan data, and delivers
stupendous ROI. With Factoreal, sports marketers get a 360 view
of the fan, can create highly targeted segments and personalized
messaging. With pre-built eco-system integrations, Factoreal
helps teams execute on their marketing strategies
in
double-quick time.
Here are some of the key capabilities that Factoreal offers
True omnichannel support with Email, SMS Text, WhatsApp,
Push Notifications and Social Media with inbuilt CDP.
Out-of-box integrations with ticketing platforms, shopping
platforms etc. for fan data unification.
Industry-first AI-driven Fan Maturity ModelTM for the deepest
insights on fans.
Industry-first FANCONNECTTM is for creating 1:1 personalized
engagement between artists/athletes and their fans.
Pre-built automations with Journey Wizard and Gen-AI tools.
How has Factoreal helped teams
in Fan
engagement?
Teams across multiple sports and
leagues are trusting Factoreal
today, to realize class-leading
engagement
rates,
higher
conversion,
and
drive
incremental sales.
The United Soccer League (USL)
onboarded with Factoreal, and
using it’s Fan Maturity ModelTM, grew their fanbase by 4X, along
with a massive 40% YoY increase in their Die-hard Fans. With
consistent class-leading engagement rates, the USL has
experienced the best ever outcomes in the league’s history.
The world’s leading Music Company uses Factoreal to create a
personalized 1:1 engagement between their top artists and their
fanbase. Factoreal’s FANCONNECTTM feature has enabled this
client to introduce a new channel of engagement for their fans
with their favourite artists and deliver greater than 80% average
engagement rates.
Where can I learn more about Factoreal?
You can visit the website OR book a quick discovery call with our
experts here. Try Factoreal today and convert casual fans into
die-hard fans!
San Francisco, USA
factoreal.com
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
25
Aditya Dhruva
Co-founder & CEO
Have you ever seen 50,000 fans cheering an
advert?
Piing creates games for crowds: 50,000 fans playing an
arcade-style game on the jumbo screen using their phone as a
controller, and 50,000 more joining in real-time from their homes
anywhere around the world. No app to download, no
complications, just scan a QR code and the game is on. This
premium fan engagement creates new high-value inventory for
rights holders, and digital activations with data capture at scale
for commercial partners.
What problems in sports does Piing tackle?
We’re leading a revolution during downtime in events. These
moments tend to be dull for spectators, who have nothing to do
except scroll through their phones until play resumes or the
racing restarts. We’ve taken this habit and run with it,
encouraging fans in the stadium to use their phones to play
shared experience mass-participation games on the big screen.
In return, we get to learn a bit about them.
Piing is the absolute opposite of traditional stadia ‘wallpaper
media’ that is largely ignored and does nothing more than brand
awareness. Piing takes the brand off the big screen puing it
directly into the hands of the audience. A direct result of the
positive engagement we create is up to 65% of fans opting in to
marketing consent, and up to 83% of fans clicking our calls to
action, plus we gain insights on every individual fan’s knowledge
on the sport, commercial partners, and the sectors they work in.
What have been some of your developments over
the last 12 months?
The past year has been stratospheric for the growth of Piing.
We’ve doubled last year’s sales and become a much-loved part of
the fan experience in multiple sports. Football, motor racing,
baseball, cricket, basketball, handball, mountain biking, kayaking,
and eSports have all featured Piing games at their events. Our
partners include leading global brands such as Adidas and
Telefonica, and rights holders such as Man City, Atletico de
Madrid, and the Tampa Bay Rays.
Our multi-sport remit has made us an integral element of events
across the calendar and around the globe having engaged fans
from the British and Vegas Grands Prix to Euroleague Basketball
to the Women’s World Cup, helping us lead the world in mass
participation, fan engagement and brand activation.
What can we expect from you in 2024?
We’re on a mission to engage fans at the greatest events on Earth.
We’ve proven that fans LOVE what we do, our tech scales and our
clients will pay for our products. Now, we’re ready to scale our
output both in terms of sales and marketing, and product
development for more players, data and richer graphics and
sound.
What are you looking for at the moment?
Everything we’ve achieved to date has been bootstrapped with a
minimal marketing budget. For our next phase, we are raising £1m
Seed Investment to build Piing Platform V3 and bolster our sales
and marketing budget for global sales.
Piing is on the launchpad - we just require some rocket fuel. If
you’d like to jump onboard as a partner, investor or client, please
get in touch.
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
26
Gareth Langley
CEO & Co-Founder
Manchester, UK
piing.events
Piing: A New Advertising Channel Disrupting Sports and Live Events Globally
GLOBAL SPORTSTECH VC REPORT 2023
Wearables
Equipment &
Infrastructure
67.9%
32.1%
#GS TV CR
27
Fitness Hardware Still Hot: Investors Continue to Show Interest
Large touch screen format the most popular
Fact: FitnessTech isn’t going anywhere. The consumer appetite for
expensive smart fitness equipment may have significantly
diminished aer the pandemic induced boom but investors are still
quite keen on the ‘Peloton for X’ trend. Valuations for the
companies themselves may have fallen prey dramatically (see
Peloton and Tonal who had a significant down round in 2023), but
other companies continue to emerge. It’s almost as if investors are
brute forcing the segment into finding mass-market acceptance.
The ‘For Activity Hardware’ sub-sector was the biggest contributor
to investment in 2023, accounting for 28% of the overall funding
raised. 7 of the top 10 funded companies for the year in the
sub-sector were Fitness related. The large touch screen display
format still seems popular with companies like Forme, Speediance
and Magic raising significant rounds in the year. This despite the
fact that the company which originally made the form factor
popular, Mirror, was finally closed down by LuluLemon earlier this
year.
eGym tops the funding for this list, an indicator that perhaps B2B
might be the key to this segment. iFit, another B2B smart
equipment supplier, was added to our unicorns list this year. They
raised $355 million in February 2022, a year in which their revenue
was reported as $1 billion. Whichever the format of delivery,
direct-to-consumer or via B2B sales, it is clear that smart fitness
equipment is here to stay. A segment which will continue to grow
steadily, without hardly breaking a sweat.
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
225.0
130.0
20.0
11.0
10.0
Amount ($m)
Munich
San Francisco
Stamford
London
Los Angeles
City
1
2
3
4
5
eGym
Tonal
Arccos Golf
Huupe
Reeplayer
Company
Amount in $b
Funding Rounds
2019
2020
2021
2022
2023
300.1
978.3
1,560.9
910.2
414.0*
496.8**
2,000.0
1,500.0
1000.0
500.0
0.0
81
61
75
60
30**
25*
*As of Oct 31 2023 **End of year estimate
28%
Percentage of
Total SportsTech
Funding in 2023
Total amount:
$4.2b* / $4.3b**
Top 5 Funded companies 2023
Funding Amounts & Number of Rounds 2019 - 2023
Funding Per Sub Sub Sector 19-23
"I've always wondered why sports entertainment isn't more
immersive, why I have to watch it through a specific,
pre-selected lens. That's why we created an engine that
recreates real games in 3D & lets fans see the goal through
the striker's eyes. Make them feel like they're in the game.”
What should we know about ReSpo.Vision?
ReSpo.Vision is a DeepTech startup at the forefront of the sports
analytics and entertainment revolution. We've developed a
groundbreaking 3D optical tracking system that captures
detailed 3D player and ball position data from any single-camera
game footage. Our system delivers practical, actionable insights
and stunning visualizations, providing our clients - from teams
and leagues to data and media companies - with unparalleled
depth of knowledge and next-gen, immersive entertainment.
What have been some of your developments over
the last 12 months?
We’ve developed a system to recreate real-life sports matches in
a realistic, immersive virtual 3D environment, where fans will be
able to see the key moments of the game from literally any
camera angle, including the player's POV. Here is a demo.
We want to provide sports media companies & rightsholders with
a product that increases fan engagement and time spent with
sports content, thereby increasing monetization potential and
media rights value. In the future, this technology can even create
a whole new layer of media rights to be sold separately, increasing
the size of the pie for the sports industry. Who would have
thought a decade ago that data rights would be auctioned as a
separate thing?
What inspired the use of analytical data for
entertainment?
In today's competitive entertainment landscape, sport has to
fight for fan’s aention against a tough lineup of competitors:
streaming, video games, or social media - all engaging,
interactive, and on-demand. There is a burning need for a more
immersive sports viewing experience, particularly among
younger audiences with shorter aention spans, who crave a
sense of being 'in the game'. We want to help the sports
entertainment industry fight back & win this bale.
By engaging fans, we increase time spent on watching and
interacting with content, directly boosting the value of the core
product. With domestic media rights for major sports ranging
from hundreds of millions of dollars to well over a billion, even a
few percent increase in time spent with the content translates
into millions of dollars in a given country/league.
What are the planned product features and how
will they fulfil these younger fans’ desires, while
also benefiting the rightsholders?
The main features are:
Immersive in-game replays: Fans watching the game LIVE
can see the goal replay from any perspective - such as the
goalscorer's POV.
Studio highlights: Pundits discussing the game in the studio
can show & comment on the key moments up close, just as
they happened on the field.
Personalized highlights: Fans can create their own highlights
of favorite players' best plays seen from any angle, and share
them on social media - keeping them engaged long aer the
game is over.
Virtual stadium: A sports fan equipped with a headset can
watch the game as if they were in the stadium or even on the
field itself, opening up monetization opportunities for
millions of supporters abroad.
What do you need to make it happen?
With a working proof of concept, we are now ready to scale. We've
already closed a $4 million R&D grant to build this product, and
we're currently finalizing seed funding to supplement the grant.
GLOBAL SPORTSTECH VC REPORT 2023
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ReSpo.Vision: Reinventing Sport with 3D Vision
Warsaw, Poland
respo.vision
Pawel Osterreicher
CEO & Co-Founder
Did you know that over 85% of people globally have smartphones
today? This is close to 7 billion people! Yet we still rely on
outdated and expensive methods to capture and share
information in sport.
Have you ever dreamt of a world where the entire sporting
community, from grassroots enthusiasts to professional teams,
could access top-notch tools in one seamless platform? Enter
SportCentrAll® – a disrupter in sportstech, bridging the gap and
democratizing access to professional-quality resources.
What makes SportCentrAll® so unique?
SportCentrAll® is not just an app; it's a visionary platform that
unites players, coaches, managers, tournament organizers,
schools, clubs, parents, and fans in a connected ecosystem. It's
about breaking down the walls of fragmentation and puing
effective, powerful and professional-grade tools into the hands of
every sports enthusiast at an affordable price. You already have
the hardware (in your hand), we just built the soware!
Every start-up promises the world, so how is
SportCentrAll® any different?
We’ve spent four years with sporting professionals (coaches,
players, etc.) to understand their needs and problems. We
realised that everyone’s problems are connected in one way or
another. So we built one platform to serve them all.
What were some of your successes this year?
One standout accomplishment is the partnership with Netball
South Africa for their national netball league. This collaboration
has provided a tool for coaches that offers real-time, detailed
stats and video analysis – a game-changer for strategic planning
and player feedback. Commentators and selectors benefit from
comprehensive player stats, while managers enjoy drag-and-drop
substitution features. Fans are not le behind, enjoying live
streaming videos, scores, results, ladders, team line-ups, and
player profiles, creating an immersive experience.
What is your current
focus?
SportCentrAll® is on the lookout
for strategic partners to catalyze
its expansion. The goal is clear:
to accelerate the reach and
impact of this revolutionary
platform,
bringing
its
comprehensive
sports
ecosystem to a global audience,
at all levels.
What is in store for 2024?
Looking ahead to 2024, SportCentrAll® is gearing up for a
player-centric approach. The spotlight is on the individual athlete
with the introduction of the Player Profile – a centralized hub
offering access to calendars, game schedules, stats, videos,
notes, documents, achievements, training materials, workouts,
and more. It's about empowering players with a digital home for
their entire sporting world.
It sounds like a Central Hub for All Things Sports?
Exactly! Whether you're a player striving for excellence, a coach
sculpting future champions, a sporting body steering the course,
or a dedicated fan cheering from the sidelines, SportCentrAll® is
your one-stop solution. It's more than an app; it's a community, a
comprehensive platform that unifies the diverse facets of the
sports world into one cohesive and accessible space.
In a world where sports technology meets
inclusivity,
SportCentrAll® stands as a beacon, reshaping the landscape and
making professional-quality sports tools a reality for all. Say
goodbye to fragmentation and intermediaries – SportCentrAll® is
here to redefine how we experience and engage with sports.
GLOBAL SPORTSTECH VC REPORT 2023
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Philip Steyn
CEO & Co-Founder
Perth, Australia
sportcentrall.com
SportCentrAll: Goodbye to Fragmentation & Intermediaries – your smartphone can do it all
Global SportsTech Investor Ecosystem 2023
GLOBAL SPORTSTECH VC REPORT 2023
#GS TV CR
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DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
Funds
Networks
RoTW
Bossanova
Sao Paulo
Go4it
Rio de Janeiro
Asia Pacific
North America
Europe
Dyansty Equity
New York City
Beyond the Game
Network
Atlanta
Ludis Capital
Los Angeles
The Player's Impact
Boston
Oregon Sports
Angels
Portland
Asics Ventures
Kobe
Athletic Ventures
Sydney
Dream Sports
Investments
Mumbai
Wildcard Ventures
Melbourne
XT Ventures
Sydney
Fitness Ventures
Hong Kong
Lumikai Ventures
New Delhi
Swing Capital
Dubai
Indigo Capital
Partners
Limassol
Hiro Capital
London
BITKRAFT Esport
Ventures
Berlin
Da One Global
Ventures
Abu Dubai
ADvantage
SportsTech Fund
Jerusalem
Apex Capital
Cascais
B4 Sports
Berlin
Venturerock
Amsterdam
Kosmos Holding
Barcelona
Seventure
Paris
Trust Esport
Ventures
Bordeaux
Sports Investment
Partners
London
Xarxa Capital
Barcelona
Aser Ventures
London
Elysian Park
Ventures
Los Angeles
Fitt Insider
Pisburgh
Fitlab
Newport Beach
Mark Cuban
Companies
Dallas
Mindspring Capital
Newport Beach
Maple Leaf Sport &
Entertainment
Toronto
LivWell Ventures
Austin
LRMR Ventures
Akron
MSP Capital
New York City
Next Play Capital
Redwood City
Next Ventures
Austin
Playmaker Capital
Toronto
Plus Capital
Los Angeles
Rabil Ventures
San Francisco
RSE Ventures
New York City
Sapphire Sport
Palo Alto
Monarch Collective
Los Angeles
Play Time HoldCo
San Francisco
EP Golf Ventures
Los Angeles
SC30
Bay Area
Scrum Ventures
San Francisco
Serena Ventures
San Francisco
SeventySix Capital
Conshohocken
SGIF
Las Vegas
Stadia Ventures
St Louis
Thirty 5 Ventures
New York City
Sharp Capital
Advisors
New York City
Sixers Innovation
Group
Philadelphia
Sapphire Sport
Ventures
Palo Alto
JAZZ Venture
Partners
San Francisco
KB Partners
Highland Park
Lalotte Ventures
Montreal
Konvoy Ventures
Denver
Liquid 2 Ventures
San Francisco
North Castle
Partners
Greenwich
Phoenix Sports
Partner
Chicago
Raine Group
New York City
Red Bird Capital
Partners
New York City
WhiteRock
New York City
Titletown Tech
Green Bay
Will Ventures
Boston
Velocity Capital
Management
Palo Alto
TXV Partners
Austin
Mosaic General
Partnership
San Francisco
DRIVE by Draftkings
Boston
Dicks Sporting
Goods Sports Fund
Coraopolis
Bruin Sports Capital
White Plains
Calvert Drive
Ventures
Cupertino
Bryant Stibel
Los Angeles
Causeway Media
Partners
Cambridge
Cerro Capital
New York City
Courtside Ventures
New York City
Bluestone Equity
New York City
Cartan Capital
San Francisco
LangLevan Group
Montreal
Cardinal Sports
Capital
Toronto
RX3 Growth
Partners
Newport Beach
ISOS
Westport
Hawks Ventures
Atlanta
Remagine Ventures
Tel-Aviv
Varcis Capital
Hong Kong
Centre Court Capital
Mumbai
XV Capital
Sydney
ION Crossover
Partners
Herzliya
Play Ventures
Singapore
Rainmatter
Bangalore
Sparring Sport
Capital
Paris
Ve2Fund
Amsterdam
Mercuri
London
Mercury 13
London
Athletico Ventures
London
Skin In The Game
London
Inspiring Sport
Capital
Paris
Shorai
Valencia
Crowdsport
Barcelona
SRG Capital
Barcelona
24HayMarket
London
Players Fund
London
Immutable
Sydney
Northzone
London
Plusar VC
Lisbon
Belgrade
Checkout the
Global Sportstech Map
Every SportsTech Investor, Accelerator & Initiative.
All in one place.
sportstechx.com/map
GLOBAL SPORTSTECH VC REPORT 2023
#GSTVCR
31
INDUSTRY SNAPSHOTS
Global Snapshot
33
04
L
o
rem
ip
sum
d
o
lo
r
s
it
am
e
t
, c
o
n
se
c
te
tu
e
r

GLOBAL SPORTSTECH VC REPORT 2023
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Snapshot: Global SportsTech 2019 - 2023
GLOBAL SPORTSTECH VC REPORT 2023
Amount in $m
Funding Rounds
Funding Amounts & Number of Rounds
Funding Per Sector
B2B vs. B2C Funding
Total amount:
$29.7b* / $30.4b**
3,375.6
3,978.6
12,456.2
8,365.3
1,477.4*
2,216.0**
12,500.0
10,000.0
7,500.0
5,000.0
2,500.0
0.0
631
496
663
468
246**
164*
Fans & Content
Management
& Organisation
Activity &
Performance
B2C
B2B
2019
2020
2021
2022
2023
*As of Oct 31 2023 **End of year estimate
Data Date: Oct 31 2023
Top 5 Most Funded Countries
Amount ($m)
16,259.8
3,209.0
2,650.7
1,241.4
1,164.5
1
2
3
4
5
Country
USA
India
China
Canada
Germany
Top 5 Funded Companies
Amount ($m)
3,545.0
1,525.0
740.9
739.0
605.0
Top City
Jacksonville
Mumbai
Hong Kong SAR
Paris
Sao Paulo
1
2
3
4
5
Company
Fanatics
Dream 11
Animoca Brands
Sorare
Gympass
19.6%
80.4%
31.8%
53.1%
15.1%
No of Rounds
1143
137
62
73
204
#GS TV CR
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DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
Get the Pro Version of the report - More data, deeper insights
GLOBAL SPORTSTECH VC REPORT 2023
PRICE: €999
AVAILABLE HERE
#GS TV CR
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Sub Sector Snapshot:
For Activity Hardware
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
1
Sub Sector Snapshot:
For Activity Software
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
2
Sub Sector Snapshot:
Before / After Activity
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
3
Sub Sector Snapshot:
Content Platforms
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
4
Sub Sector Snapshot:
Fan Experiences
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
5
Sub Sector Snapshot:
Fantasy Sports & Betting
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
6
Sub Sector Snapshot:
Organisations & Venues
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
7
Sub Sector Snapshot:
Media & Sponsors
Funding Amounts & Number of Rounds, Top 5
Most Funded Countries, Top 5 Most Funded
Companies, Funding Per sub-sub-sector, B2B vs.
B2C Funding for 2019 - 2023
8
DATA SOURCE: SPORTSTECHX.COM/SPORTSTECHDB
THAT'S A WRAP
Methodology
The data from this report was obtained by reviewing over
6,000 startups and nearly 5,000 funding deals in Global
SportsTech. Here are some key things to know about how
this analysis was approached. While we always want to be as
inclusive as possible, we have applied certain criteria to
ensure that all data is representative of current trends.
All companies founded before the year 2000 have been
excluded unless otherwise stated, such as Fanatics.
Only deals announced during the period of Jan 1, 2019 - Oct
31, 2023 were considered, (excluding some deals announced
in early November 2023, such as the acquisitions of ASM
Global by Legends Hospitality).
Deals completed in that period for companies that are not
currently active have also been included.
As in every year, we expect some amount of reporting lag as
not all deals from last year would have been announced. As
a result, we have added 25% to the total funding value
reported for 2023 and 15% to the total M&A value reported.
All deals are reported in USD. For deals not in USD, the
average conversion rate for the deal currency to USD in the
deal year was utilised.
As far as possible, we have sourced public domain
information for all the deals that we report on. This includes
funding announcements made on a variety of media
channels.
One last thing: As always, our team spends countless hours
pouring over interviews and data around startups and
funding rounds, but the nature of the beast that we try to
tackle is that some will inadvertently get missed, especially
from the last year. Nonetheless, we are confident that the
information we present paints a prey accurate picture of all
that is happening in the industry, enabling us to draw strong
inferences about where it is headed.
#GSTVCR
36
GLOBAL SPORTSTECH VC REPORT 2023
Thank you!
We would like to thank our fantastic team for the work that’s gone into
this report. Without their initiative, innovation and hard work this
wouldn’t have been possible. A great team is greater than the sum of its
parts. These are the people that make us a great team.
Graphic Design
The report was designed by Ryan Hays. Thanks a lot for your
continuous support! Check him out at www.boyintree.com
Content Note
The content in this report is for general information purposes
only and can change at any time. SportsTechX can not
guarantee the ultimate accuracy or completeness of the data.
Imprint
Authors: Rohn Malhotra
Company: The Global SportsTech VC Report is a product of
SportsTechX GmbH
Address: Rheinsberger Str. 76/77, 10115 Berlin, Germany
Contact: www.sportstechx.com / hello@sportstechx.com
#GS TV CR
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GLOBAL SPORTSTECH VC REPORT 2023
Kimberly Fernandez
Business Development
& Communications
Rohit Laddha
Research
Vishnu Dixit
Research
Atiriya Narayan
Research
Swapneel Chatterjee
Marketing & Communications
Khyati Choudhary
Marketing & Communications