Venture Capital Firm Co-Founded By Lance Armstrong Raises $24.5M
A venture capital firm co-founded by Lance Armstrong has raised $24.5M toward a $75M "goal for its first fund," according to Shonda Novak of the AUSTIN AMERICAN-STATESMAN. Austin-based Next Ventures "invests in companies in the sports, fitness, nutrition and wellness fields." The firm’s money "raised to date is from 38 investors." The "typical initial investment" is between $1-3M. Next Ventures was founded in January by Armstrong and businessman Lionel Conacher. Armstrong and Conacher have "leveraged their contacts in the sports and marketing industries by building an advisory board with experts from Nike and Body Armour" (AUSTIN AMERICAN-STATESMAN, 7/9). TECH CRUNCH's Kate Clark noted Next Ventures "disclosed its first investment six months ago." The fund "supplied capital to Carlsbad, Calif.-based PowerDot, a 2.5-year-old maker of an app-based, smart muscle stimulation device that sends electrical pulses to contract tender soft tissue, helping runners and other athletes recover from their workouts." The firm has since "invested in sleep and activity tracker Oura, community-building fitness app Spar, and two others" (TECHCRUNCH.com, 7/5).