Sportradar valued at $2.4bn after new US-focused investment
Data company announces new deal with Canada pension fund and Silicon Valley investor
Sportradar has today announced new investments from two strategic partners in a deal that values the data company at $2.4bn.
The new investments come from Canada Pension Plan Investment Board (CPPIB) and Silicon Valley-based growth equity firm TCV, with the deal expected to close in Q4.
Sportradar CEO Carsten Koerl said the new cash would be used to fund US expansion following the repeal of PASPA.
The firm already acts as the official partner of the NBA, NFL and NHL.
“CPPIB and TCV are both known for extensive global tech experience and a track record for working alongside innovative management teams to help achieve their long-term vision,” said Koerl.
“Having two new investors with a strong North American footprint is ideal given our increasing focus and expanding operations in the US, as the sports industry evolves to meet the expectations of today’s sports fans.”
Sportradar said it has been growing at approximately 40% annually, and now monitors more than 400,000 matches annually across 60 sports categories.
“The sports data market, particularly real-time data, is a compelling long-term investment opportunity, with strong growth driven by rising fan engagement, opening of new markets and increasing spend on digital sports content globally,” said CPPIB’s Ryan Selwood.
Jay Hoag, founding general partner at TCV, added: “We love backing great CEOs with a big vision, and Sportradar fits that profile perfectly.
“We are excited about working with Carsten, CPPIB, and existing shareholders to accelerate product innovation and drive continued growth.”