Athlete engagement platform Teamworks has raised $25M in Series C funding led by Delta-v Capital, which is making its first sports-related investment. The round also includes participation from new investors Afia Capital and Stadia Ventures, a global sports innovation hub. Returning investors participating in the round include General Catalyst, Seaport Capital, DUMAC, Celtics Managing Partner Steve Pagliuca, also co-founder of Bain Capital, and Reggie Love, the former personal aide to President Obama. The fast-growing North Carolina-based company has partnered with organizations from four continents over the last year, adding to the more than 3,000 teams worldwide that leverage the platform to engage their athletes. The company works with college and pro teams, the CFP, the NCAA and other businesses. Teamworks' technology keeps players and coaches on the same page by delivering team information about meetings, meals, practices and other events in real time. Notable Teamworks customers include the 49ers, Dolphins, Nationals, Red Sox, NHL Kings, Ohio State and Notre Dame. The COVID-19 pandemic has accentuated and illuminated Teamworks' strengths as a company. The software has seen spikes in engagement metrics (messages sent, forms usage, logins, etc.) since the pandemic began. That all helped push the capital raise across the finish line, according to a source familiar with the company.
HELPING WITH PRODUCT BUILDOUT: The new money will help Teamworks continue product buildout, which includes new modules to further deepen engagement within the current customer base, and also assist with further international expansion. An announcement on a partnership with another marquee European football club is expected soon. The investment brings Teamworks' total funding to more than $45M. Teamworks already had been through two rounds of fundraising -- Series A in '16 raised $6.25M led by Seaport Capital; Series B in '18 raised $15.3M led by General Catalyst. Boutique investment bank Inner Circle Sports LLC served as financial advisor to Teamworks. In the last year, Teamworks acquired social media content delivery platform INFLCR. Teamworks Founder & CEO Zach Maurides, who started his business from a class project at Duke, is a '20 SBJ "Forty Under 40" honoree.
