SeventySix Capital launches second fund as it eyes further sports betting investment

Venture capital company SeventySix Capital has launched a second fund to enable further investments across sports betting, esports and sports technology firms.

The fund added several high-profile investors with its latest round, including two US sports team owners and several elite athletes.

Robert Nutting, chair of MLB’s Pittsburgh Pirates injected capital into the fund, as did AMBSE Ventures, a portfolio company of Arthur M. Blank, who owns the NFL franchise the Atlanta Falcons and MLS club Atlanta United.

Supr Bowl champions James Develin and Emmanuel Sanders have also come aboard as new investors, as has Philadelphia Union captain Alejandro Bedoya.

NFL legends Brian Westbrook and DeMarco Murray, as well as the Ben Franklin Technology Development Authority, have all returned as repeat investors for the second fund.

To date, SeventySix Capital has sold three portfolio companies in major sports betting moves.

The VC oversaw the sale of sports betting media network VSiN to DraftKings and the sale of Team Whistle to Eleven Sports.

It also sold the Vigtory sportsbook tech to streaming platform fuboTV, which plans to launch a US sportsbook of its own in the coming months.

SeventySix Capital said the new fund would invest in start-up companies that are “disrupting and innovating the sports industry”.

Wayne Kimmel, SeventySix Capital managing partner, said: “This next fund is an important milestone as we continue building SeventySix Capital as the go-to investment company in the sports industry.

“We have proven that we have access to the deals and entrepreneurs seeking to transform the sports world and that we are able to help them build their businesses with our capital investment as well as our sports relationships, knowledge and expertise,” he added.

SeventySix Capital’s current investment portfolio includes streaming platform Maestro and basketball data tracker firm ShotTracker.