Athletes have training centers — why not sports startups, too?
Sports-focused venture firms InStudio Ventures and leAD are partnering to create The Draft, a sports tech incubator that provides funding and guidance to startups. It will raise $5 million to start.
The program expects that 90% of its startups will come from the States. NYCE Group, co-founded by impact investor Phillip Michael and FC Barcelona striker Martin Braithwaite, is an early supporter of The Draft.
Between sports betting, innovations in athlete performance, and efforts to broaden athletics markets to include more women, there is abundant opportunity in sports tech.
- This week, data aggregator and provider Sportradar signed a letter of intent to go public through a SPAC at a $10 billion valuation.
- Many companies, including Amazon and Apple, are exploring virtual and augmented reality as the next generation of fan experience technology.
The Draft will begin by investing in about three startups per year as it sets out in hopes of nurturing the next sports tech unicorn.