Sports data and analytics firm ALT Sports Data (ASD) has closed a $5 million funding round co-led by investment firms Relay Ventures and Eberg Capital, existing backers of the company.
ALT Sports Data stated the round was “significantly oversubscribed due to overwhelming investor interest.”
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The round also featured Motley Fool Ventures, Scrum Ventures, and a consortium of strategic investors.
The company is seeking to use the fresh investment to “accelerate its broader vision to redefine how fans engage, wager, and consume sports content – powering the convergence of data, media, and gaming.”
The latest cash injection comes after ASD secured $2.5 million in funding as part of a seed round last year to accrue capital to expand its activities.
Eberg Capital and Relay Ventures, who both have experience in investing in the sports and technology space, also co-led that funding round.
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By GlobalDataEberg is a prominent sports investor with stakes in the Alpine F1 motor racing team, the Miami Marlins Major League Baseball franchise, and the Real Salt Lake Major League Soccer team. It has also invested in sports data and technology firms in the past, including Gemini Sports Analytics, and collectibles firm Rally Rd.
Relay Ventures, also an investor in Rally Rd., has some experience in the sports space through its investment in sports media firm Playmaker, among others.
In the past six months, ALT Sports Data has inked globally exclusive partnerships with motor racing’s iconic Formula 1 series, motorcycling’s SuperMotocross League, global action sports events series X Games, and Athletes Unlimited, the US network of professional women’s sports leagues.
Joe Dunnigan, CEO and founder of ALT Sports Data, said: “ALT Sports Data is more than a data provider — we’re becoming the connective tissue between next-gen sports, sportsbooks, and fans.
“With our growing portfolio of rightsholders and partners, we’re creating the infrastructure that’s driving new revenue and deeper engagement across the entire value chain.”
To fuel its engagement strategy, ASD launched NXTbets, its owned-and-operated content platform for betting information, odds marketplaces, and sportsbook discovery.
John Albright, co-founder and managing partner at Relay Ventures, added: “ALT Sports Data is redefining what sports betting looks like by unlocking untapped markets with the same discipline and scale as the traditional sports data giants. Their team is building the engine that will fuel the future of fan engagement.”
