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Saturday, May 18, 2024

Packers See Venture, Investing as Way to Diversify Beyond Core Business

  • TitletownTech, formed by the Packers and Microsoft, has closed its second fund to bring its total capital to $95 million.
  • The firm’s investments include Overtime and StatusPro, publisher of the NFL’s virtual reality video game.
TitleTown Tech's investments include Overtime and StatusPro, publisher of the NFL’s virtual reality game.
Syndication: Green Bay Press-Gazette

TitletownTech, the venture capital firm formed by the Green Bay Packers and Microsoft, has secured $70 million in new funds to bring its total capital to $95 million. The fund’s priority is investing in startups that benefit Wisconsin and Midwest industries.

The NFL team and Microsoft invested in TitetownTech’s new $70 million Fund II alongside 27 other investors. When TitletownTech launched its first fund in 2019, notable investors included former New York Mets chief operating officer Jeff Wilpon and Boston Bruins alternative governor Jeremy Jacobs Jr. Both are returning investors for this second fund. 

Among the over 30 startups backed by TitletownTech include Overtime, the sports media company whose basketball league is churning out top NBA Draft picks, and StatusPro, the virtual reality company that makes the NFL’s first licensed VR video game. In addition to sports and entertainment, TitletownTech enables the Packers to expand its revenue streams beyond football through investing in startups across health and wellness, agriculture, water, environment, manufacturing, construction, and supply chain logistics.

“Through TitletownTech, we’ve learned that entrepreneurship is a team sport, which is why we’re pleased to continue supporting entrepreneurs and inspiring others to embrace innovation,” said Green Bay Packers President and CEO Mark Murphy. “We think TitletownTech has the potential to be one of the most impactful things we do for the organization, community, and beyond.”

The Packers, the NFL’s only publicly owned team, reported a franchise-record revenue of $610.3 million this past financial year. Operating profits for the Packers fell 12% to $68.6 million, which the team contributed to losses from the NFL’s relocation settlement with the city of St. Louis and having a home game held in London instead of Green Bay.

TitletownTech’s offices are located across from Lambeau Field, the Packers’ historic stadium. More than 50% of the companies selected for the firm’s Fund 1 have gone on to raise additional capital. 

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