- Fund has closed on initial investments and is expected to be US$50m when fully capitalised, according to Sportico
- Athlete investors include NFL’s Emmanuel Sanders, James Develin, DeMarco Murray and Brian Westbrook, as well as MLS player Alejandro Bedoya
- Fund interested in analytics, data and tech startups across sports industry
Technology venture capital firm SeventySix Capital has formed a second fund focusing on betting, esports and sports technology companies.
The new fund has closed on its initial investments and is expected to be US$50 million when fully capitalised, according to Sportico.
Investors in the new fund include Arthur Blank, owner of the National Football League’s (NFL) Atlanta Falcons, and Robert Nutting, who owns Major League Baseball’s (MLB) Pittsburgh Pirates. The pair have also been named strategic partners for the fund.
Blank’s participation came from early-stage investment fund AMBSE Ventures, a subsidiary of AMB Sports and Entertainment (AMBSE), which launched last month.
The Commonwealth of Pennsylvania’s Ben Franklin Technology Development Authority has also put US$1 million into the fund, according to information contained in Pennsylvania’s investment tracking database.
Additionally, SeventySix Capital has expanded its roster of athlete investors. The Buffalo Bills’ Emmanuel Sanders is joined by former NFL players James Develin, DeMarco Murray and Brian Westbrook, as well as Alejandro Bedoya, who captains Major League Soccer’s (MLS) Philadelphia Union.
The new fund plans to invest in startup companies that SeventySix Capital believes are ‘disrupting and innovating the sports industry through the use of analytics, data and technology’.
In particular, SeventySix Capital aims to capitalise on the growing legal sports