Sports remains a hot investment target, with sports-related startups, from new professional leagues to media and gaming companies, reshaping the industry.
Sports tech in particular is driving deal growth: 2023 was a great year for sports tech, with more than $37 billion in M&A and fundraising deal value, according to a report from investment bank Drakestar. This included 790 private fundraising deals, up from 752 the year before, driven primarily by early-stage companies.
As the overall environment for startups becomes tougher, companies seeking funding face tougher competition than they did just a few years ago.
But in recent months, companies including Breanna Stewart and Napheesa Collier’s 3-on-3 basketball league Unrivaled, Tiger Woods and Rory McIlroy’s TMRW Sports and sports betting content company Sobet have announced new funding rounds.
For the fourth year in a row, Business Insider is highlighting promising sports startups worth watching.
We asked some of the top venture capital firms and other investors in sports to name the companies they have and haven’t invested in. They recommended a variety of early-stage companies across the sports landscape. The startups range from one capitalizing on the rise of running clubs to one building responsible gaming tools for sports betting to an upcoming women’s basketball league. Some aren’t traditional sports companies, but they’re developing technology that could transform the industry.
To keep this list current, we didn’t include startups we’ve featured in the past, but investors still recommended companies such as Australian social betting company Dabble, sports information app Outlier, betting exchange Sportrade and sports fantasy and betting platform Underdog.
Here are 13 promising sports startups to watch over the next year, according to some of the industry’s most knowledgeable investors (in alphabetical order).
