The F-word – Golf investment fund – AI coach for endurance sports – Children's health – Pace-tuned running shoes – Tailor-made cycling coaching – Anti-aging and longevity – Virtual behavioural health
Week 49
Join our Investment Syndicate
Skin In The Game is an FCA regulated investment syndicate connecting investors with groundbreaking startups in sports, health & wellness. We’re leveraging our network of industry experts to de-risk investments.
It’s free to join and members get access to live investment opportunities, insights on investing in sports, health & wellness from our community of domain experts, and access to our private events.
Squad updates
We’re on a mission to de-risk investments in sports, health & wellness startups via our global network of industry experts. So we’re absolutely stoked to announce some new additions to our advisory squad – with more to follow in the coming weeks.
Roberto Croci has joined Skin In The Game as an advisor to help us deliver on our vision to drive investment in sports, health & wellness. As MD for Microsoft, Roberto spent the last three years building Microsoft for Startups from scratch across the Middle East & Africa. He’s raised $20m outside of Microsoft and launched the first Microsoft fund (focused on the Middle East & Africa region) while launching a bunch of new programs to accelerate startups and empower entrepreneurs.
Rory Glover has come on board as an advisor to help us refine the investment process for our syndicate, and will play a key role in our investment committee. Rory previously worked in the Growth team at world-leading investment firm KKR, deploying a $2.2 billion fund that invests $50m-$200m+ in high growth tech companies. Whilst at KKR he was involved in Zwift's $450m Series C round, amongst other large financings. Prior to that he was at Spectrum Equity, a top-tier private equity firm that has invested in the likes of AllTrails and Headspace Health.
Confessions
We often talk about de-risking startup investing. But in recent weeks, Scott and I have been working on how we can de-risk our own business.
What kind of resources do you need to build an investment syndicate dedicated to innovation in sports & health? Our business model through a long lens looks something like:
Supply – deal flow, structuring expertise, user experience for founders
Demand – distribution into top-tier athletes, industry leaders, and exited founders/operators, media exposure, user experience for investors
Operations – regulatory cover, legal firepower, fundraising
We’re methodically covering off these critical areas. And we’re delighted to say that Northridge Law are a key part of that.
In the last few months, Northridge has worked on some of the biggest deals in sports, including the £4.25 billion sale of Chelsea Football Club. As Europe’s largest sports law practice, it focuses on the most complex and sensitive matters in the industry. The firm combines top tier corporate/M&A and finance law expertise with leading knowledge of the sports sector.
Since connecting with Northridge through this newsletter we’ve been blown away by the quality of their thinking and output working on the most complex and important legal issues in sports. It helps that we really like the team and share the same passion for sports and innovation.
When we announced on LinkedIn we mentioned that Northridge are good friends to have when investing in sports. Regardless of the commercial upside, the F-word is everything to us. Our friendship with Northridge is a big step towards delivering on our mission to drive investment in the future of sports, health & wellness.
Deal Flow
In this week’s newsletter we have a whopping 58 deals across sports, health & wellness.
Sports
🥍 WWE, Thirty Five Ventures among investors in PLL funding round – The Premier Lacrosse League has completed a Series D round, which includes new investment from World Wrestling Entertainment and Thirty Five Ventures, the investment company led by Kevin Durant and his business manager Rick Kleiman.
🎥 NBA takes minority stake in 15 Seconds of Fame video startup – The company’s tech uses facial recognition software to package together the clips from broadcast or in-venue video feeds, which can then be downloaded via partner applications.
⛳️ Elysian Park Ventures, PGA of America form golf investment fund – The partnership is designed to support innovation in the golf industry. Targeted areas of investment include coaching and training; health, wellness and performance science; hospitality; facility management; retail; and agriculture.
🙌 Thrill One acquired – The organizers behind action sports’ Nitro World Games has been acquired by private investment firms Fiume Capital and Juggernaut Capital Partners. The deal is reportedly worth $300m.
⚽️ Barcelona seals further €300mn from US group Sixth Street – The deal gives the US investment group an additional 15% share in the club’s media rights over 25 years.
🏊♀️ Enduco raises $2.1M Seed Round – Enduco is an AI coach for endurance sports. Based on performance data, training experience, health and habits, its AI coach creates individual training plans to improve users’ performance.
💰 Sixth Street Makes Sports Splash With Investments in Top-Tier Global Franchises – In January 2021 Sixth Street made its first investment in sports, when it bought a controlling share of Legends. It has since invested in the San Antonio Spurs (June 2021), Real Madrid (May 2022) and FC Barcelona (June 2022).
🏏 IPL franchise owners buy all six teams in South Africa's new T20 league – CSK made the highest bid for the Johannesburg franchise, while Mumbai bought the Cape Town team.
🚴♀️ Italmobiliare buys SIDI Sport – Italmobiliare continues its strategy of expanding its investment portfolio with the acquisition of SIDI Sport, an iconic brand that has revolutionized the world of footwear for cycling and motorcycling.
🎲 WagerWire raises $3m in seed funding round – WagerWire allows users to place bets on live movements and momentum swings on the platform or within partner sportsbooks.
👟 Vimazi Secures $1M in Seed 3 Funding to Bring Pace-Tuned Running Shoes to Market – It's a hybrid direct-to-consumer startup that makes running shoes specifically tuned for the pace of the runner.
🚴♀️ Coaching startup for cyclists raises $500K – Sorius is a French startup specialising in tailor-made online cycling coaching.
Endurance Zone receives investment from Worldpay Co-Founder – The white-label rewards and data platform which is geared around driving customer engagement and retention for sports-related organisations.
🤽♀️ Belfast start-up Kairos scores £500,000 for its sports tech – Kairos offers scheduling tools, performance and health analytics, secure messaging and other features on “the sole digital interface between a player and a team”.
⌗ Playermaker Raised $40M to Make Elite-Level Performance Tracking Accessible to All Athletes – Playermaker's wearable performance tracking device turns any footwear into a connected solution that captures professional-grade technical, tactical, biomechanical, and physical data from the source of motion.
🎾 AI-powered tennis courts: Wingfield closes €4.0 million in Series A Funding – The company has developed a technology to convert tennis courts into smart playing fields.
Wellness & Fitness
🦾 Proteus Motion’s $8.5M Series A Round – Proteus’ system features an anchored arm that provides resistance in three dimensions (to track any exercise motion) and measures strength output along the way.
🇮🇪 Hiiker reaches milestone with €500K investment – Hiiker has developed an app to make it easier to plan hikes.
🏋️♂️ Walla Software Lands $13M Investment to Help Boutique Fitness Studios Adapt To A New Normal – Walla's all-in-one modern platform empowers boutique fitness studios to simplify their everyday operations with intuitive, mobile-friendly features built to save time, capture more revenue, and engage clients.
💼 TaskHuman Closes $20 Million in Series B Funding to Bring Real-Time Holistic Coaching to the Masses – Organisations can deploy TaskHuman as a coaching solution to their global workforce.
🇺🇸 Serotonin Centers Franchisee Raises $6.5M in Funding – The wellness and anti-aging/longevity franchise established last year by nationally-recognized fitness industry entrepreneur Eric Casaburi, will expand its regional presence after having a franchisee secure $6.5 million in funding.
⚖️ Enara raises $6 million for virtual weight support – Enara helps physicians give patients personalized weight loss support using an emotional assessment, hormone and genetic testing and an individual diet and exercise plan.
💪 IDG-Backed Home Gym Equipment Maker Mitao Bags $30M – The main product of Mitao is a high-end home intelligent strength training device, the S Plan Model S.
🍫 Munk Pack Secures $5M Financing – Creators of the original Keto Granola Bar and Keto Nut & Seed Bar, Munk Pack has found its sweet spot making snack bars that deliver on great taste and premium nutrition (low sugar, low net carb and plant based).
👶 PlantBaby Secures $4M to “Create Positive Change for Children’s Health” – PlantBaby is developing a portfolio of products to support the nutritional journey from infancy to adulthood. The brand’s debut offering, Kiki Milk, was launched as the first organic plant-based milk designed specifically for kids.
👋 Hank Debuts Platform to Connect Adults 55+ with In-Person Experiences and Community – The company also raised $7 million in seed funding led by General Catalyst and Resolute Ventures.
🍫 CTRL launches Meal On-The-Go Bars amid first round of funding – CTRL, the fast-growing meal replacement brand, just launched new Meal On-The-Go Bars, marking the company’s expansion into functional foods.
🧀 Eclipse Foods Raises Over $40 Million in Series B to Transform the Dairy Industry – The company is a leader in sustainable, plant-based dairy products that are indistinguishable from conventional dairy.
Health
🩸 NutriSense Raises $25 Million to Drive Continued Growth – The metabolic health technology platform couples real-time data with credentialed nutrition professionals for personalised support.
🧠 Mental health messaging app Wysa raises $20M – Wysa uses conversational AI to guide users through exercises based on cognitive behavioural therapy (CBT), an evidence-backed form of treatment for depression and other disorders.
👨👩👧👧 Brightline Closes $10 Million Extended Series C Financing – Brightline is a leader in virtual behavioral health care for children, adolescents, and families.
🏡 Kindly Clinches Funding To Target At Home Sexual Health Market – Its home-testing kits enable men and women to get diagnoses of sexual and reproductive problems – and then treatments.
💊 Perelel, The First OB/GYN-Founded Women’s Vitamin Company, Closes A $4.7 Million Seed Round – The vitamin company offers clean, targeted nutrition for each distinct stage of a woman’s reproductive life cycle.
🧴 Wonderbelly is taking on Tums – Wonderbelly is an FDA-regulated over-the-counter product that is 100% plastic-free, and the company claims it uses healthier ingredients than Tums.
🧠 Arise Raises Over $4 Million to Build Inclusive Eating Disorder Treatment and Mental Health Support – Arise will bring integrated community and clinical care to people living with disordered eating and eating disorders.
🤰 VIPC’s Virginia Venture Partners Invests in Canopie to Provide Mental Health Resources to New and Expecting Mothers – The mobile app utilizes clinically-validated techniques to aid in the prevention and treatment of maternal mental health disorders.
👩⚕️ Holly Health has raised £1.4m in Funding – The funding was raised by Kima Ventures, Very Serious Ventures and founders of various venture capital firms.
❤️ This cardiac care startup just landed $20M for virtual rehab services – Moving Analytics (Movn) is a virtual at-home intervention program for high-risk cardiac patients.
🇸🇬 Singapore’s Mental Health Startup Intellect Raises $10 Million In Funding Round Led By Tiger Global – The company now has over 3m users and counts Foodpanda, Merck, Philips and telecom giant Singtel among its key corporate customers, providing Intellect's services as part of their employee benefit programs.
🇺🇸 Posterity picks up $6M for male reproductive health – Colorado-based Posterity empowers couples through education and increases access to care.
🥛 Maolac pours new funding into superfood mimicking breast milk health benefits – Maolac is an Israeli food tech startup focused on creating a superfood by extracting proteins from bovine colostrum or plant-based analogs.
🇫🇮 Hintsa Performance raises €5.1M – After years of serving top athletes like Formula 1 drivers and senior executives, Hintsa will expand its science-based wellbeing coaching to anyone with a smartphone.
⚡️ STRIVE Secures $6M to Unlock Athlete Performance Data – STRIVE makes electromyography (EMG) sensor technology that can be integrated with most brands of compression apparel.
🚶♀️ 'Move-to-Earn' Startup Fitmint Raises $ 1.6 Million in Seed Funding - The product is a web3 app where users can earn rewards in cryptocurrency just by walking, running or working out.
😴 HALEO Virtual Sleep Clinic Secures $5.2 Million Seed-Extension Financing – HALEO is a professional virtual care solution for sleep that uses evidence-based techniques, such as cognitive behavioural therapy and image rehearsal therapy.
🧫 Faeth Therapeutics raises $47 million to advance clinical trials and feed the fight against cancer – proceeds will be used to advance Faeth's clinical trials that combine nutrient control, therapeutics and digital tools to inhibit cancer metabolism.
🇺🇸 Stone Point Capital Completes Acquisition of Tivity Health – Tivity Health, a leading provider of healthy life-changing solutions, completed its acquisition by funds managed by Stone Point Capital.
🥃 Ria Health Secures $18 Million Series A to Scale Online Alcohol Use Disorder Treatment – Ria Health has been providing a comprehensive telehealth alcohol treatment program since 2016.
🇫🇷 French digital clinic Charles.co gets a shot of €7 million to make men’s health solutions more accessible – The men's health clinic will expand its platform beyond sexual health services to include other chronic conditions post the funding.
🦵 Hybrid-care Physical Therapy Platform Kins Closes $7.2M in Total Seed Funding to Accelerate Innovation in Care Delivery – Kins’ hybrid care model not only modernizes physical therapy treatment for patients but also for therapists.
🧫 OME Health gets $1.25m from Nordic tech fund Inventure – OME Health provides a personalised 12-week health plans based on a person’s gut microbiome, genetics, blood markers, and other health data.
Some Tweets
P.S.
I hear there’s a rather big football match happening on Sunday… I hope you’re watching.
Yours in sports,
Ed
—
Ed Rhys
Co-Founder / Skin In The Game
www.skininthegamegroup.com
Join our Investment Syndicate
If you find this newsletter useful, consider joining our FCA regulated investment syndicate connecting investors with groundbreaking startups in sports, health & wellness.
It’s free to join and members get access to live investment opportunities, insights on investing in sports, health & wellness from our community of industry experts, and access to our private events.
SKIN IN THE GAME LIMITED is registered in England and Wales under Company Number 13200102 and with the FCA as an Appointed Representative with FRN 946089. SKIN IN THE GAME LIMITED is an Appointed Representative of Finex LLP which is authorised and regulated in the UK by the Financial Conduct Authority (“FCA”) with firm reference number 507537.