Conshohocken-based SeventySix Capital Closes Initial Round of Fund That Will Focus on Sports Betting, Esports, Sport Tech Companies

seventysix capital sport funds
Image via SeventySix Capital.

Conshohocken-based SeventySix Capital has closed the initial round of its new fund that included several big-names in sports as investors, writes Bill King for the Philadelphia Business Journal.

The fund will focus on sports betting, esports, and sports tech companies and is the firm’s second fund to zero in on these sectors.

The investor roster currently includes Atlanta Falcons owner Arthur Blank and Pittsburgh Pirates owner Bob Nutting, retired NFL running backs DeMarco Murray and Brian Westbrook along with Philadelphia Union captain and U.S. men’s national soccer team player Alejandro Bedoya.

“There is absolutely an appetite right now for anyone and everyone in sports to want to have access to what we might call the next thing in sports,” said Wayne Kimmel, managing partner of SeventySix Capital. “They’re looking for exposure to the innovative new sports betting startups and esports startups and sports tech startups. We believe there to be some extraordinary opportunities in those areas over these next 10 years.”

The fund is expected to raise a minimum of $50 million.

This closely follows the sale of three of the firm’s portfolio companies that occurred earlier this year which included the sports betting network VSiN, sportsbook operator Vigtory, and digital media company Team Whistle.

Read more about SeventySix Capital in the Philadelphia Business Journal.

In SeventySix Capital Leadership Series, Wayne Kimmel interviews Rob Simmelkjaer, Chairman of the Board of the Connecticut Lottery, and discussed the future of sports betting in Connecticut.

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