A new fund launched by one of Europe’s largest sports law practices, Northridge Law, will focus on high-growth technology companies that serve the sports, entertainment and leisure markets.
The fund, dubbed Northridge Track, is an alternative to a traditional accelerator or incubator program in that it offers both support and access. Focused on “high-potential technology companies,” the fund provides ongoing, premium support and access to key decision makers within Northridge’s existing network of teams, governing bodies, venue owners, agencies, sponsors, and investors.
Northridge Founding Partner John Walters said the decision to launch the fund comes from the firm’s understanding that early-stage startups, particularly those with high growth potential, sometimes need help with capital raising and access as they work to thrive in such competitive industries as sports.
“The sports and entertainment industries are becoming increasingly driven by technology—on the pitch, in commercial deals and to engage with fans,” Walters said in a statement. “Teams are turning to technology for competitive edge, broadcasters are looking for new ways to create content, marketing agencies are searching for innovative ways to activate and track sponsorships, participants are tracking their rides and runs, and rights holders are seeking ever-greater insights into their fanbases.”
The fund hosted a number of established sports tech companies during its pilot phase, including SPORTLOGiQ, an AI-powered sports and analytics company, Funder, a tech company hoping to re-imagine charitable fundraising, STATSports, an athlete tracking platform, Deuce, a technology company driving grassroots participation in tennis, and AEG Worldwide, a global venue operator.
Northridge tapped veteran industry adviser Charlie Greenwood, formerly of Nike and AEG, to run the fund. Greenwood works with sports-focused VC funds and tech accelerators in the U.S. and U.K. to help identify and select high-growth tech companies in the sports and entertainment sector.
Greenwood refers to the no-fee fund as a “club,” where participating technology companies are viewed as “members.” Each are selected on an ongoing basis, without having to fill in long application forms or give formal pitch-style presentations.
SportTechie Takeaway
Northridge Track is among a few sports, entertainment and lifestyle technology funds that have launched recently in part to meet the demands of startups in this fast-growing space. A similar fund in the U.S., Sapphire Sport, launched with an oversubscribed $115 million fund for early-stage sports tech startups earlier this year.
Brexit remains a huge unknown quantity for startups based in the U.K., and it could well have a significant impact on both Northridge Track and the companies it may fund. If the U.K. leaves the European Union, with or without a formal divorce deal in place, it will need to negotiate trade deals around the world, including with its neighbors in Europe, and such deals can take years to enact. That could hurt the growth of U.K.-based technology companies and limit the funding they might seek access to.