Huupe.
- The evolution of tech and media is creating opportunities for innovation in sports.
- Sports betting has also added new facets to the industry in the US.
- Here are pitch decks that 17 sports startups used to raise millions in Series A and seed rounds.
The sports industry has exploded in recent years as technology and consumer habits change.
The expansion of legal sports betting in the US ushered in one of the biggest transformations. It's opened up a new market not only for sportsbooks like DraftKings, but for the ancillary businesses that support betting — be it platform providers, data companies, media partners, geolocation and compliance suppliers, or others.
Venture capital poured about $330 million into early-stage US sports betting and online gambling companies last year, despite the current macroeconomic struggles, according to PitchBook. That was down from the previous year but more than the year before.
In college sports, student-athletes are finally allowed to profit from their name, image, and likeness, after a 2021 rule change. Student-athletes have since become one of the most engaging influencer groups, earning anywhere from a few hundred dollars to six figures from brand deals. This has opened the opportunity for startups to build marketplaces or creator tools to help student-athlete creators.
Technology has also changed the way leagues and teams operate and how fans consume sports. Uplift Labs has partnered with leagues like the NBA for its technology that analyzes player movement through smartphone cameras.
Stadium Live, which has raised $13 million in funding since 2020, created a fan-engagement app for Gen-Z audiences, who founder Kevin Kim said are paying less attention to TV screens during live sports. Kim said investors even chased him down on platforms like Twitter and Discord, gaining interest in Stadium Live's unique position in sports media.
"Every time an investor or potential people would look at [Stadium Live], they were like, 'Oh, this has a unique vibe that we have not seen before in any other apps,'" Kim told Business Insider.
Whether in sports tech, betting, or consumer products, the sports space has become a world of opportunity for startups to create the next big company.
BI spoke with 17 sports companies that have pitched investors about their process. They broke down the pitch decks they used to secure millions of dollars in funding.
Read the pitch decks that helped 17 sports-focused startups raise millions of dollars (in alphabetical order):
- Ballislife, a basketball media brand: $2.7 million (12 pages)
- BeyondPlay, a mobile gaming and online-gambling app: $1.7 million (90-second video)
- Brag House, an esports social platform for college gamers: $5 million Series A round (24 pages)
- Champions Round, a social-gaming startup catering to Gen-Z audiences who want shorter, faster play: $7 million Series A (13 pages)
- Compliable, a tech company helping with the sports-gambling licensing process: $3.6 million seed round (4 pages)
- Curastory, a video-making startup for sports creators: $2 million seed round (27 pages)
- Grandstand, a sports creator economy startup: $2.75 million (15 pages)
- Huupe, an interactive smart basketball hoop: $8 million seed round (5 pages)
- Kero Sports, a startup that powers free-to-play games in sports apps: $1 million seed round (6 key pages)
- LoopGolf, an on-course betting app that lets golfers wager with their friends: $2 million (9 pages)
- Mojo, a sports-betting app where bettors can invest in the careers of athletes (11 pages)
- Overtime, a social media outlet target ting the Gen-Z market that has launched a basketball league (33 pages)
- Pro League Network develops "made-for-wagering" sports like CarJitsu and slapfighting: $2.2 million (20 pages)
- The Seattle Storm, a WNBA team: $21 million (14 pages)
- SoBet, a sports startup for bettors and creators: $3.7 million seed round (10 pages)
- Stix, a golf startup aiming to make quality equipment more affordable: $10 million Series A (14 pages)
- Uplift, a sports tech startup using biomechanics to improve performance and physical health: $5.5 million seed round (14 pages)
This story has been updated with additional details.