The private markets are constantly evolving, and new spaces rise—then sometimes fall—in the span of a few years. Given this fluidity, it can be challenging to identify and track the most promising spaces of tomorrow. That’s why our analysts have developed a methodology to define and categorize these emerging spaces. In this post, we look at sports tech—just one example of a space that is quickly taking off.
What is sports tech?
Simply put, sports tech describes the intersection of sports and technology. Companies in this space are not only pushing the edge of athletic performance with advanced, real-time analytics, but also preventing injuries, curating virtual experiences and thinking forward to the metaverse.
Devices that minimize the severity of concussions—that’s sports tech. Streaming platforms that provide fans an immersive, interactive experience from the couch—that’s sports tech, too. It’s a broad, budding space with influence from artificial intelligence, machine learning and biotech.
And importantly, investors are increasingly flooding this sector, betting on technologies that build better athletes, fan experiences and virtual playing fields. Cumulatively, sports tech companies boasted a record $826.75 million of capital invested in 2021. Here we zoom in on sports tech, examining some of the most active investors and innovative startups in this emerging space.
Quick stats
83
266
$1.64B
399
Key growth metrics
$818.23M
$1M
$10.74M
Trending sports tech companies
Kiswe
HQ: New Providence, NJ
Leadership: Wim Sweldens, Co-founder and board member
Latest deal: Series B (October 2021)
Kiswe is a cloud-based video company and provider of real-time live streams, engaging digital audiences and communities around the world. Through the platform, event providers can modernize their fan experiences, enabling at-home viewers to feel closer to their favorite athletes, artists and acts—all from the comfort of their couch.
In October 2021, the company raised an estimated $36 million in Series B venture funding from Sony Innovation Fund, Hybe and New Enterprise Associates, placing its pre-money valuation at $223 million.
Hudl
HQ: Lincoln, NE
Leadership: David Graff, Chief Executive Officer and board member
Latest deal: PE growth/expansion (May 2020)
Hudl is a sports performance and analysis platform designed to provide coaches and athletes with the video insights and data they need to elevate their performance. The company’s suite of products includes tools, such as smart cameras, analytics, professional consultations and mobile and desktop applications.
In May 2020, the company received $120 million of development capital from Bain Capital Tech Opportunities and Nelnet Capital.
Q30 Innovations
HQ: Westport, CT
Leadership: John Hoey, Co-founder and Chief Executive Officer
Latest deal: Later-stage VC (December 2021)
Q30 Innovations is the developer of the Q-Collar, an externally worn device that reduces the ability of the brain to move inside the skull during rapid acceleration and deceleration. This device enables athletes to reduce the likelihood of brain injuries without impacting their comfort or performance. In December 2021, the company received $15.56 million of venture funding from undisclosed investors.
Immersive.io
HQ: Paris, France
Leadership: Emmanuelle Roger, Co-founder and Chief Executive Officer
Latest deal: Accelerator (2019)
Immersive.io is the developer of an augmented reality (AR) program that provides a realistic, interactive sports viewing experience for fans at home. Their AR technology displays 3D avatars of players along with volumetric videos of the game in fans’ living rooms, allowing them to get closer to their favorite players and enjoy a realistic experience of the game without leaving their house. In September 2019, the company joined Women in XR as part of its third WXR accelerator cohort.
Most active investors in sports tech
Techstars
HQ: Boulder, CO
Sports tech investments: 10
Latest deal in sports tech: November 2021
Founded in 2006, Techstars is an accelerator firm based in Boulder, Colorado. The firm provides funding to early-stage startups and runs a three-month-long accelerator program in multiple cities across the U.S. and U.K. In November 2021, fan engagement platform Rivet joined Techstars as part of its Boston program’s 15th class, receiving $120,000 in funding.
Elysian Park Ventures
HQ: Los Angeles, CA
Sports tech investments: 6
Latest deal in sports tech: August 2021
Founded in 2014, Elysian Park Ventures is a venture capital firm based in Los Angeles, California. The firm prefers seed, venture and growth investments in the sports technology and entertainment sectors. In August 2021, the firm provided $2.2 million in seed funding for sports market research and advisory firm Sports Innovation Lab.
Firstime
HQ: Tel Aviv, Israel
Sports tech investments: 5
Latest deal in sports tech: June 2020
Founded in 2014, Firstime is a venture capital firm based in Tel Aviv, Israel. The firm prefers seed round, early-stage and later-stage investments within the media, gaming and video sectors. The company has invested in Pixellot, a developer of broadcast video capture and production devices designed to offer affordable live coverage of events.
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This article was created based on PitchBook’s Emerging Spaces feature. To check it out for yourself, log in or request a free trial.
