SeventySix Capital closes second fund to invest in ‘passionate entrepreneurs’

Image source: Shutterstock

Venture capital company SeventySix Capital has confirmed the initial closing of its second fund to invest in “passionate entrepreneurs who are launching game-changing sports betting, esports and sports tech companies”. 

This new fund, said the firm, will invest in startup companies that are disrupting and innovating the sports industry through the use of analytics, data and technology. 

“This next fund is an important milestone as we continue building SeventySix Capital as the go-to investment company in the sports industry,” said Managing Partner Wayne Kimmel

“We have proven that we have access to the deals and entrepreneurs seeking to transform the sports world and that we are able to help them build their businesses with our capital investment as well as our sports relationships, knowledge and expertise.”

The firm has also added a further two professional sports team owners as investors and strategic partners in the new fund. They are Robert Nutting, Owner of MLB’s Pittsburgh Pirates, and AMBSE Ventures, a subsidiary of AMB Sports + Entertainment, a portfolio company of Arthur M Blank, Owner of the NFL’s Atlanta Falcons and Atlanta United FC of Major League Soccer. 

SeventySix Capital, led by Kimmel, Jon Powell and Chad Stender, has reshaped the sports venture capital industry. To date in 2021, it has sold three portfolio companies: sports betting media network VSiN to DraftKings; sportsbook Vigtory to FuboTV;  and Team Whistle, a sports and entertainment media company to ELEVEN SPORTS

Moreover, the firm has expanded its roster of athlete investors with the additions of Super Bowl champion Emmanuel Sanders; Alejandro Bedoya, Captain of the Philadelphia Union and SeventySix Capital Athlete Venture Group Co-Chair; and James Develin, 3X Super Bowl Champion and former Pro Bowl Running Back for the New England Patriots.

Return investors comprise Brian Westbrook, Philadelphia Eagles Hall of Fame Running Back and SeventySix Capital Athlete Venture Group Chair; DeMarco Murray, former NFL All-Pro Running Back and Coach at the University of Oklahoma; and the Commonwealth of Pennsylvania’s Ben Franklin Technology Development Authority and multiple family offices.

Sanders stated: “I’m excited to officially join the already dynamic team at SeventySix Capital that I have gotten to know well over the last several years through my marketing agent, Dave Maryles. 

“Given my personal passion for esports, it’s great working with Nerd Street, their esports portfolio company. We share similar values and interests in entrepreneurship, the sports business, and overall the drive to work hard to achieve lofty goals.”