FOS PM: Hyperice Valued at $700 Million

Recovery tech company Hyperice’s valuation has pulsed to $700 million after it completed its largest funding round in its history backed by the NBA, an equity fund composed of all 32 NFL clubs, and a slew of major athletes from Anthony Davis to Naomi Osaka.

This funding round, estimated at $48 million, was announced on Oct. 8 and follows partnerships made in recent months with the NBA, UFC and English Premier League’s Tottenham Hotspur, among others. Hyperice had raised $4.5 million in the decade since its founding until this deal, and the last money infusion five years ago set the valuation at $10 million.

The round was spearheaded by investment advisory firm Main Street Advisors and SC.Holdings, a private equity company focused on sports and entertainment space. [Editor’s note: SC.Holdings is an investor in Front Office Sports]

New Orleans Saints safety Malcolm Jenkins has launched a $10 million venture capital fund with backers including the New England Patriots’ Devin and Jason McCourty, Philadelphia Eagles safety Rodney McLeod and free agent Jordan Matthews.

The fund is named Broad Street Ventures after the street in Philadelphia, where Jenkins played six seasons. Jenkins co-created the fund with Ralonda Johnson, a lifelong friend who is also president of Malcolm Inc., Jenkins’ company that oversees some of his off-the-field business, like retail and apparel.

Broad Street Ventures has already invested in Airbnb, Automattic, Epic Games, NoBull, Turo and ZenWtr. After the fund gets more established, it will “look for opportunities to invest in Black and Brown businesses that don’t have access to capital or friends and family who can help them through the startup phase,” according to Forbes. 

ICM Partners, one of Hollywood’s most prominent talent agencies, has acquired sports agency Stellar Group, and formed a new division — ICM Stellar Sports.

Stellar is the world’s largest soccer agency, and represents over 800 total athletes with contracts totaling around $3 billion, like Gareth Bale and Jameis Winston. In 2019, Forbes named founder Jonathan Barnett the most powerful sports agent in the world, surpassing baseball super-agent Scott Boras. 

ICM reps top entertainers including Beyoncé, Samuel L. Jackson, Jerry Seinfeld and many more, as well as content creators Spike Lee, Shonda Rhimes and Vince Gilligan.

The terms of the deal were not disclosed, but in a prospectus obtained by The New York Times in 2017, Barnett said he’d consider offers over 100 million pounds — about $129 million today.