Sports industry vet Craig Thompson raises $44M for new sports tech fund
Sports industry veteran Craig Thompson is launching a new sports tech fund called Match Ventures, with a target of raising $44 million. Thompson, the founder of Mindspring Capital, a sports tech-focused investor, will serve as one of the general partners of the fund, along with Anton Brams, who is also the managing partner of Mindspring Sport. Petr Zhukov, founder of Indigo Sports Tech, a sports-focused VC in the EU, will lead the investment efforts.
Match Ventures aims to capitalize on growth of sports industry
Match Ventures plans to take advantage of the exponential growth in the sports industry. With tech giants like Amazon investing heavily in sports rights and the expansion of sports betting, there are numerous opportunities for tech companies to help teams and leagues enhance fan engagement and improve team performance. Match Ventures will focus on backing companies that can help teams and leagues improve profitability by leveraging technology.
Thompson sees potential in the proliferation of new and growing sports, such as pickleball and volleyball, as well as the expansion of sports like cricket in the US. Match Ventures believes that being based in Luxembourg will give them easier access to the abundant sports tech investment opportunities available outside of the US. Thompson stated, “There’s an explosion right now of new leagues and new sports, and all sports need technology.”
Craig Thompson explains flaws in VC due diligence model
Thompson and his partners at Match Ventures are looking to improve on the traditional venture capital due diligence model. Instead of taking a couple of months to evaluate a company, Match Ventures plans to provide deep due diligence by advising potential startups for six to twelve months before deciding whether to invest. Thompson believes that this longer and more involved approach will lead to better investments and provide more value to the companies they back.
The decision to reexamine the due diligence process stems from Thompson’s own experiences as an investor. He found that the traditional process sometimes failed to identify potential issues that could arise later on. Thompson believes that it is crucial to invest in companies they truly believe in and to provide ongoing support, rather than hoping that a few out of ten will succeed.
Match Ventures seeks to back 20 companies in sports tech sector
Match Ventures is aiming to back a total of 20 companies in the sports tech sector. The fund has already raised about a third of its $44 million target and aims to close the fund within a year. Match Ventures plans to provide initial checks ranging from $250,000 to $2 million, with the potential for follow-on funding.
Thompson and his partners at Match Ventures have been advising fifteen companies in a deep due diligence approach, with ten already primed for investment. This deliberate and extended process allows Match Ventures to thoroughly evaluate these companies and ensure that they are making the right investments.
Sports industry veterans lead Match Ventures to success in Luxembourg
Match Ventures is led by a team of sports industry veterans with a combination of industry experience, data expertise, and financial acumen. Craig Thompson, who was involved in the founding of the UEFA Champions League and later became the CEO of the 34th America’s Cup, brings a wealth of knowledge and experience to the fund. Anton Brams, the managing partner of Mindspring Sport, and Petr Zhukov, the founder of Indigo Sports Tech, add their own industry and financial expertise to the team.
With their extensive background in the sports industry and their commitment to providing deep due diligence, Match Ventures is well-positioned for success. Being based in Luxembourg also offers unique advantages, as it provides access to a wide range of sports tech investment opportunities outside of the US.
Thompson will continue to run Mindspring Capital, which focuses on backing early-stage sports tech companies. The portfolio of Mindspring Capital includes companies like LIGR Live, Credenza, and Pumpjack, all of which leverage technology to enhance the sports industry. With the launch of Match Ventures, Thompson and his partners will be able to expand their investment reach and support even more innovative startups in the sports tech sector.
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Craig Thompson raises $44M for new sports tech fund called Match Ventures. The fund aims to capitalize on the growth of the sports industry and improve profitability by leveraging technology. Thompson plans to provide deep due diligence to potential startups and aims to back 20 companies in the sports tech sector. Led by industry veterans, Match Ventures is well-positioned for success, with access to investment opportunities outside of the US.
