Chicago-based venture capital firm KB Partners will be raising US$100m to invest in 25 sports technology start-ups, with US$64m of the goal raised already.
Current investors of the scheme include Callaway Golf CEO Chip Brewer, former NFL running back Curtis Martin, as well as ex-NBA star Elton Brand, Ariel Investments co-chief John Rogers, and Reggie Love, former body-man of Barack Obama.
KB Partners has previously invested in 16 companies in 2018, with a US$41m debut fund. Its latest fund is planning to back 25 different start-ups, and will focus on helping companies operating in and around the sports betting, esports, fitness, streaming and live spaces.
Their investments currently include video streaming startup Phenix, and interactive streaming platform Streamlayer. CEO at KB Partners, Keith Banks has said that US$64m has been raised so far, with the $100m target expected to be met by summer.
The fund often writes cheques between US$1m-US$3m to invest in the early-stage seed and Series A rounds.
Author: Fred Dobberson