The past decade has seen technology transition from a mere facilitator of sporting activity into one of the main drivers of performance and commercial growth.
This great digitisation of sport is transforming virtually every aspect of how it is played, consumed, and organised, revolutionising everything from operations and venue management through to health and fitness and fan engagement.
Increasingly, sport is being served by industry-specific technologies that address its unique needs, and many of these come from agile, innovative startups.
Once again, SportsPro has scoured the sports technology ecosystem to select 20 companies that should be on the radar of every investor and sports organisation in 2024.
ARound
Location: New York, USA
Funding stage: Unknown
Sector: Mixed reality
As the name suggests, ARound develops augmented reality (AR) technology that promises to transform the in-venue experience through immersive mobile products, such as interactive games. These offerings drive fan engagement and provide an opportunity for sponsors to capture users’ attention.
Founded in 2021, ARound has struck multiple partnerships in the US, including with the National Football League’s (NFL) Los Angeles Rams, Major League Baseball’s (MLB) Minnesota Twins and, most notably, the National Basketball Association’s (NBA) Cleveland Cavaliers.
Carv
Location: London, UK
Funding stage: Series A
Sector: Athletic performance
Digital ski coaching platform Carv provides skiers with detailed feedback on their ability thanks to a combination of wearable technology and intelligent software. It has developed smart inserts and trackers that can be fitted to any ski boot, capturing data that is transformed into actionable insights on a paired smartphone. The platform also offers tailored skiing exercises for users to improve, along with real-time feedback to those on the slopes wearing headphones.
Carv has helped more than 35,000 skiers since launching in 2016 and has now partnered with Olympic gold medallist and world champion Ted Ligety to create custom coaching plans. In 2022, the firm raised US$5.1 million in fresh investment to fund its expansion and technology development, bringing the total figure to US$10.9 million to date.
Cogny
Location: Orlando, USA
Funding stage: Pre-seed
Sector: IT services
Cogny wants to help the sports industry better understand, engage and monestise its fans. The company centralises data in a single platform, bridging the gap between a client’s brand, customers, CRM and sponsors.
Powered by Salesforce, with future plans to embed AI capabilities into its products, Cogny’s all-in-one sports cloud ecosystem provides a platform for businesses to build a strong CRM and gain deeper insights into their fans for enhanced engagement and monetisation. Cogny’s key clients include Inter Miami, World Rugby, and the Lawn Tennis Association (LTA).
Edge Sound Research
Location: California, USA
Funding stage: Pre-seed
Sector: Stadiums and venues
Edge Sound Research wants to transform the audio experience of watching sport. Citing the limitations of speakers, the company combines traditional hardware attached to objects, such as a living room sofa, with smart software that controls vibration, creating real-time multi-sensory experiences from any audio input. In the case of sport, that means giving fans the feeling of a front row seat so they can hear and feel every goal, tackle or touchdown, whether they’re watching in the stadium or at home.
FanFest
Location: New York, USA
Funding stage: Seed
Sector: Media and content
FanFest’s platform promises to help sports organisations and brands engage and monetise remote fan communities using Web 3.0 technology. Clients can offer tokens that connect supporters to their favourite athletes, offering access to rewards, merchandise and exclusive events. Since its foundation in 2018, FanFest has reached more than 20 million fans and generated US$1 million for its partners.
The company was one of ten startups admitted into the 2023 NBCUniversal SportsTech accelerator, resulting in the company working with the Premier League during its US Summer Series preseason tour. FanFest, which raised US$1.5 million in a seed funding round last year, has also worked with the likes of Paris Saint-Germain and the San Francisco 49ers.
FanHub
Location: Bristol, UK
Funding stage: Pre-seed
Sector: Media and content
FanHub’s mission is to use Web 3.0 technology to provide a way for teams and brands to reward fan loyalty. Its application lets users follow their favourite teams, record the number of games they’ve attended and participate in prediction games. Points are awarded for completing actions and can be spent on items and rewards such as free drinks, merchandise and tickets. The tokenisation method means fans have greater control over their data.
Since launching in 2021, FanHub has been downloaded 100,000 times. The company raised US$3 million in funding from US-based fund Blockchange Ventures in January 2024 and plans to use the investment to accelerate user growth in the UK and expand the app’s coverage to other sports and countries.
Find a Player
Location: Glasgow, UK
Funding stage: Unknown
Sector: Grassroots participation
Find a Player wants to make the process of finding, organising and playing sport as simple as ordering a taxi. Whether someone is trying to get active or a club is looking to beef up its squad numbers, the company’s app allows users to find participants, set up group chats, organise training sessions, issue invitations and collect payments. The platform is designed not just for players and clubs, but also for colleges, governing bodies and businesses, helping them simplify and digitise their operations.
Gemini Sports Analytics
Location: Miami, USA
Funding stage: Seed
Sector: Data and analytics
Gemini Sports Analytics is building an AI-powered cloud-based insights platform for the sports industry, providing data insights that can be used to improve decision-making on everything from performance through to talent identification. The platform integrates with common enterprise applications, and Gemini has partnered with data giant Sportradar to bolster the effectiveness of its platform.
Since it was founded in 2021, Gemini’s partner portfolio has grown to include the NFL’s Indianapolis Colts and US college Texas A&M. In November 2023, it closed a US$3.25 million series seed funding round, led by Roger Ehrenberg and including investments from West Coast VC Social Leverage, which counts several franchise owners as limited partners.
MeetKai
Location: Los Angeles, USA
Funding stage: Seed
Sector: Mixed reality
MeetKai initially started out developing general AI technology before deciding to bring its ideas to the metaverse. It now specialises in digitising 3D environments, with its digital twin technology attracting the attention of the sports industry looking to use the metaverse to engage fans and unlock new revenue streams.
The National Basketball Association’s (NBA) Charlotte Hornets have used MeetKai’s tech to create a digital store, allowing fans to roam freely with a 3D avatar and digitally search for, try out, and buy real products that are delivered to their home. With US$20 million in funding under its built and an obvious use case for the sports world, MeetKai stands out among the plethora of metaverse innovators promising to deliver the future of communication.
Mingle.Sport
Location: Utrecht, Netherlands
Funding stage: Seed
Sector: Data and analytics
Grassroots digital soccer platform Mingle Sport offers teams an efficient system for performance analysis, capable of tracking metrics such as speed and shot quality to help players hone their skills, with operational functions. The app tracks attendances, provides scheduling tools, and allows users to capture video highlights to share on social media.
Last August, it raised €1.25 million (US$1.35 million) in a seed round led by Dutch financial services company Rabobank to further scale its technology and add AI capabilities in 2024.
Class of 2023 alumni: Where are they now? (Click to expand)
All 20 of the startups featured in the class of 2024 will be hoping to emulate the success of previous intakes. Several of last year’s cohort have achieved great things over the past 12 months, further developing their innovations, securing transformative partnerships, and raising additional investment.
Lisbon-based media management platform ScorePlay had a hugely successful 2023. It was named winner of SportsPro’s Ignition Innovation Competition, securing a growth package worth US$100,000, before raising US$5 million in a seed funding round led by Seven Seven Six, the venture capital firm led by Reddit co-founder Alexis Ohanian, and including participation from US basketball star Kevin Durant and Rich Kleiman’s Thirty Five Ventures, as well as Manchester United defender Raphaël Varane.
One of the companies that ScorePlay partnered with was Infinite Athlete, the new name for Tempus Ex Machina following the acquisition of injury analytics firm Biocore. The expanded company has seen investment from the National Football League Players Association (NFLPA) and secured the shirt sponsorship of Premier League soccer outfit Chelsea.
nVenue, a predictive analytics and micro-betting technology firm, secured investment from none other than the NBA’s private equity vehicle. The league believes nVenue’s platform can unlock new gamification capabilities across its digital portfolio and new revenue opportunities with betting partners.
Finally, event management platform OnePlan raised US$6 million last March in an investment round led by Elysian Park Ventures, the private investment arm of the Los Angeles Dodgers MLB franchise, and equity firm Verance Capital. It’s a big year for OnePlan, whose technology will be used to build AI-powered digital twins of every venue at the Paris 2024 Olympic Games this summer.
Omada
Location: Bordeaux, France
Funding stage: Seed
Sector: Betting and gaming
Bordeaux-based Omada is a social mobile prediction game for fans, allowing them to test their knowledge of several major sports leagues with friends. The focus is on bragging rights, not financial reward, helping to provide a greater platform for innovation and a wider target audience. So far, Omada has attracted 300,000 active monthly players in France and one million worldwide.
Last year, Omada raised €7.1 million (US$7.67 million) in seed funding, with investors including Australian cricket team captain Pat Cummins and French soccer legend Youri Djorkaeff.
Orreco
Location: Galway, Ireland
Funding stage: Series B
Sector: Athletic performance
Orreco blends data science and sports science to generate customised analytics for athletes to optimise performance, accelerate recovery and prolong careers. Since it was founded in 2010, Orreco has worked with Olympians, international governing bodies, and NBA, NFL and NHL franchises, as well as Premier League teams, Women’s National Basketball Association (WNBA) players, PGA Tour golfers and Formula One drivers.
In addition, Orreco’s FitrWoman launched ‘FitrCoach’ to help address gender inequalities in sport by providing female athletes with greater access to research-backed tools and resources to enhance performance. Orreco has so far raised US$8.18 million, with a Series B round in January 2021 generating US$3.63 million in fresh capital.
Piing
Location: Manchester, UK
Funding stage: Self-funded
Sector: Stadium and venues
Piing is a digital crowd engagement company that lets fans play social games on a stadium’s big screen, using their smartphone. The games don’t require an application to play and are activated using a QR code.
So far, its platform has been used in English soccer’s Premier League, Germany’s Bundesliga, EuroLeague basketball and Formula One, among others. Founded in 2017 in Manchester, Piing is currently targeting seed investment.
Rolla
Location: Mostar, Bosnia & Herzegovina
Funding stage: Seed
Sector: Athletic performance
Bosnian startup Rolla is building an all-in-one health and fitness platform combining indoor, outdoor and virtual world workouts with detailed tracking on various metrics, including nutrition.
Rolla will go into testing later this year ahead of an official launch in January 2025 at the Consumer Electronics Show (CES) in Las Vegas. The company’s €6.3 million (US$6.9 million) seed funding round is one of the most significant ever in the Bosnian technology space, and one, if not the largest, investment made in a central and eastern European fitness startup.
Runna
Location: Milton Keynes, UK
Funding stage: Seed
Sector: Athletic performance
Founded in 2021, Runna’s application provides runners of all abilities with personalised training plans. These plans cover everything from improving a personal best for a 5km parkrun through to preparing for the London Marathon.
After an initial crowdfunding phase in late 2021 and early 2022, Runna raised an additional UK£2.25 million (US$2.86 million) in a round led by Eka Ventures and a series of high-profile athlete investors, including Olympic triathletes Alex Yee and Beth Potter, and Irish rugby union player Greg O’Shea.
Runna’s most recent funding round raised UK£5 million (US$6.37 million), led by JamJar, the venture capital fund from the founders of Innocent drinks which has previously invested in What3Words and Deliveroo.
Sportsbox AI
Location: Washington, USA
Funding stage: Seed
Sector: Athletic performance
AI coaching startup Sportsbox AI was founded in 2020 with an initial focus on golf. Its computer vision technology captures and analyses athlete movement, transforming a 2D video feed into a 3D avatar that can be viewed from multiple angles so adjustments can be made immediately during a training session. All of this is achieved with just a smartphone.
Sportsbox AI raised US$5.5 million in seed funding back in August 2022 and its backers include EP Golf Ventures, an investment partnership created by the PGA of America and Elysian Park Ventures, golfers Michelle Wie West, Marina Alex and Mel Reid, as well as golf coaches and broadcasters. It is using the cash to bring its technology to more sports.
Springbok Analytics
Location: Virginia, USA
Funding stage: Seed
Sector: Athletic performance
Another NBA Launchpad alumni, Springbok Analytics is developing AI technology that transforms 2D MRI scans into a 3D digital twin of a muscle. Scans take less than 15 minutes and unlock new injury assessment and prevention possibilities by providing medical teams with a new way to view and quantify muscle volume, asymmetries and atrophy, as well as soft tissue injuries and scar tissue.
Founded in Charlottesville, Virginia by University of Virginia engineers, Springbok Analytics now has league-wide partnerships with the NBA and the NFL, assisting the American football league with research into hamstring injuries. The company raised US$3 million in an oversubscribed seed round earlier this year, with the NHL’s Chicago Blackhawks and Titletown Tech among its investors.
Strikerz Inc.
Location: Paphos, Cyprus
Funding stage: Unknown
Sector: Betting and gaming
EA Sports is now utterly dominant in the soccer video game space, with few having the willingness or resources required for development and licensing.
However, Strikerz Inc has taken up the considerable challenge with its rival title, UFL. The company hopes realistic, compelling gameplay that rewards the tactical knowledge of players and a pledge not to include ‘play-to-win’ options will help it gain market share from disillusioned players seeking something different.
The scale of the task at hand is reflected by the fact UFL has been in development since 2016, but a recent US$40 million investment round that included Portuguese soccer star Cristiano Ronaldo will help bring a commercial launch ever closer.
Tickets for Good
Location: Sheffield, UK
Funding stage: Unknown
Sector: Stadiums and venues
Fans are the lifeblood of professional sport. They are obviously necessary to generate revenue to fund the whole enterprise, but they play a crucial role in delivering the atmosphere that makes attending a live event so enjoyable and makes sport so attractive to broadcasters. Empty seats are bad for organisers, broadcasters, athletes and, of course, fans themselves.
Sheffield-based Tickets for Good works with event organisers to provide free or discounted tickets to National Health Service (NHS) and charity workers, helping tickets find their way into the hands of more fans and doing some social good along the way.
Unagi
Location: Paris, France
Funding stage: Seed
Sector: Betting and gaming
Fantasy sports and collectibles have been given a new lease of life in the digital era and are an important source of fan engagement and revenue. Paris-based Unagi is fusing the two mechanics together with Ultimate Champions, a non-fungible token (NFT) fantasy game.
Founded by Charles Guillemot, son of Ubisoft co-founder Yves Guillemot, and Remi Pellerin in 2021, Unagi has signed up several major sports properties, including Premier League soccer outfit Arsenal and EuroLeague basketball, to offer officially-licensed cards that can be used in its game. The company raised US$5 million in a seed funding round last year and has plans to expand into more sports.
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