Startups Investment Recap – October 27

Over $60 Million raised by VC firm Drive for its first fund.

Drive by DraftKings has shifted from helping athletes learn about the VC industry when it was created, to pure-play VC investors targeting sports technologies and entertainment companies in their early stages. They have reportedly raised $60 million from heavy investors such as the Kraft Group, the owner of the Dallas Cowboys, Madison Square Garden Sports Corp., and a major stakeholder of The Lakers and The Dodgers,

A Sports Acquisitions company’s IPO targeted at $100 million.

SportsMap Tech Acquisition Corp. is what is known as a SPAC; a special purpose acquisition company. Their idea is to locate a company at a large scale to invest in a partner with it. With their IPO, they will now begin to search for a company to acquire in the sports tech industry in one of the four major categories: fan engagement, health, and wellness, esports, or fantasy/gambling.

Softbank leads $680m funding of blockchain NFT game Sorare at $4.3 bn valuation

Sports non-fungible token (NFT) platform Sorare raised a Series B round of $680 million at a $4.3 billion valuation. The financing was led by SoftBank and is the biggest Series B round in Europe.

Mobile Platform for Sports and eSports fans raises $31 million ahead of first NFT drop.

GreenPark Sports, a site where members can”suit up for your favorite team and go head-to-head against rivals in epic battles”, reportedly closed a Series B round, raising $31 million. According to GreenPark’s CEO, they are committed to creating the de facto new fan experience by providing unique and innovative ways to engage. They have recently partnered with Immutable X to bring NFTs to their community in the coming weeks.

$5 Billion in 5 years. The future of the Sports Tech Market

With the rapid changes we have seen in the sports technology industry, a new report by ResearchAndMarkets estimates it will continue to grow with compounded annual growth rate of 20.75% from 2021 to 2026, going from $2.2 billion to $7 billion in just 5 years.

A Data application for Clinicians raises $2.1 Million investment

KinoTek, a Portland-based sports tech firm has closed $2.1 million in their seed round from a Florida investment fund. Their platform allows physical therapists, chiropractors, fitness coaches, among others, to rapidly measure and obtain data on their clients’ movements in 5 to 10 seconds by generating 3D visualizations and quantitative measurements. Hafner, a chief executive at KinoTek, said it helps clients become a part of their own recovery and also allows clinicians the data needed to make better treatment decisions.