Demonstrating confidence in the technology-driven fan engagement business of Stepathlon, existing and new investors have participated in a fresh round of capital raise by the company.
The investor group is a mix of prominent individuals from the world of sports, entertainment, media and lifestyle, and investors from private equity, technology, ESG and family offices, according to a media statement issued by the company.
They include serial technology investor Josh Liberman; Michael Dolan, former IMG global president and former global CEO of Bacardi; Andrew Croker, ex-head of IMG worldwide football division and co-founder and former executive chairman of Perform; Ravi Thakran, former chairman of LVMH Asia Pac and of L Catterton Asia, and chairman, Turmeric Capital; John Gleasure, executive vice-chairman and founder, Perform and DAZN; and David Gallop, former head of NRL and Football Australia.
Stepathlon’s mission is to build “the most active fan community on the planet,” thereby addressing an endemic issue in the sports and entertainment industry — continuous fan engagement, especially through non-peak periods.
Their clients include Manchester City, Australian Football League Club with the largest membership — Richmond FC, IPL team Rajasthan Royals, and a growing global blue-chip pipeline of major events, leagues, sporting teams, celebrities, festivals and corporates.
The investment, according to the media statement, will be utilised to upgrade the capabilities of Stepathlon’s proprietary technology platform, hiring key personnel, and leveraging first party data. “Stepathlon is primed to enter a new ambitious phase of its growth with a proven model, world-class clients, and investment,” it added.
Ravi Krishnan, CEO and Founder, Stepathlon, noted: “We are at an inflection point not just for the sports and entertainment industry, but for the world as a whole. Stepathlon provides an opportunity to its stakeholders to take an inclusive and involved position in the health of their fan community while driving their own business goals and impact.”
He added: “It is getting very competitive in the ‘attention economy’ as rights holders and brands compete not just within, but across verticals. Stakeholders are sitting on goldmines, and we have the picks and the shovels.”
Commenting on the capital raise, Peter Hutton, sports industry veteran and Director, Media Partnerships, at Meta said: “The Stepathlon investor group is, by any standards, world class. It is a testament to the progress Stepathlon has made since their last raise in 2020.”