Success Fuels Sports Management Leader TeamSnap’s Raise of $25 Million
Foundry Group led the round with a new investment from its Next Fund
TeamSnap, the household name in integrated sports team, club and league management, today announced a $25 million financing led by the Foundry Group.
TeamSnap has experienced phenomenal success as the dominant name in sports management. The company is approaching 24 million customers across 196 countries, including nearly 19,000 TeamSnap for Business customers, which is expected to scale rapidly with this funding injection.
“We will use a significant part of this funding to redouble our focus on TeamSnap for Business,” said TeamSnap CEO Dave DuPont. “The funding will help us expand our world-class Marketing, Sales and Product teams to drive even quicker and more robust advancements to our already leading platform.”
The majority of the $25 million investment comes from Foundry Group Next, a $500 million fund established in 2016. The fund allows the group to make growth investments in the most successful companies from its early stage funds.
“We are thrilled with the progress TeamSnap has made. TeamSnap is the top-of-mind sports management solution for every coach and administrator,” said Foundry Group Managing Director and Co-Founder Jason Mendelson. “We look forward to accelerated expansion fueled by the company’s powerful brand and market position, strong leadership and innovative team.”
The round also includes participation from a new investor, Fairfax Financial Holdings Limited, which acquired Research in Motion in 2013. Fairfax, chaired by Canadian businessman Prem Watsa, is based in Toronto but has investments around the world and focuses on long-term gain. TeamSnap has a high penetration rate in Canada, especially among hockey teams, boasting more than 3 million customers there.
TeamSnap interacts with active users an average of more than 40 times per month, and its native mobile apps have been a particular hit. The iOS app has a 4.7 out of 5 rating in the App Store and is consistently ranked among the App Store’s Top 10 Free Sports Apps. Additionally, TeamSnap is a recognized leader in corporate culture. The company’s enthusiastic employees and focus on customers have created a productive, imaginative workplace, as evidenced by its place as No. 6 in Outside Magazine’s 2016 Best Places to Work.