Total amount raised
$187.2 Millions
Latest funding date
07/01/2024
Location
Teamworks has successfully raised funding through multiple rounds, attracting notable investors such as CIBC Innovation Banking and Dragoneer Investment Group. The platform serves as a comprehensive operating system for sports organizations, enhancing operations, talent acquisition, and performance development.
Keep reading to explore the intricacies of Teamworks' fundraising journey and the investors backing this innovative platform.
What Is Teamworks?
Teamworks, founded in 2006, is based in Durham, North Carolina. The company was established by Mitch Heath, Shaun Powell, and Zachary Maurides. It employs between 251 and 500 people.
Teamworks provides a centralized platform for sports organizations to manage operations, communication, and athlete engagement. Their suite of applications supports logistics coordination, recruiting, compliance, performance nutrition, and athlete development.
The platform serves a diverse clientele, including collegiate and professional sports teams, Olympic and national governing bodies, as well as military and tactical units.
How Much Funding Has Teamworks Raised?
- Series A
- Amount Raised: $6M
- Date: July 2016
- Lead Investors: Seaport Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase market penetration.
- Series B
- Amount Raised: $15.3M
- Date: March 2018
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and support growth initiatives.
- Series C
- Amount Raised: $32M
- Date: April 2020
- Lead Investors: Delta-v Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and invest in new technologies.
- Series D
- Amount Raised: $50M
- Date: June 2022
- Lead Investors: Delta-v Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand into new markets.
- Series E
- Amount Raised: $65M
- Date: April 2023
- Lead Investors: Dragoneer Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate global expansion, enhance platform offerings, and support mergers and acquisitions.
- Venture Round
- Amount Raised: $18.8M
- Date: July 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand its user base.
Total Amount Raised: $187.1M. Current Valuation: Not publicly disclosed.
Key Investors
- Dragoneer Investment Group
- Details: Dragoneer Investment Group is a growth-oriented investment firm that invests in high-quality businesses. They have a track record of backing leading technology companies.
- Investment Focus Areas: High-quality growth businesses across various sectors.
- Notable Investments: Airbnb, Slack, Uber.
- Delta-v Capital
- Details: Delta-v Capital is a private equity and venture capital firm that focuses on growth-stage companies. They provide both capital and strategic support to their portfolio companies.
- Investment Focus Areas: Technology, software, growth-stage companies.
- Notable Investments: Cloud Sherpas, LogRhythm, Zayo Group.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in companies driving positive change. They support entrepreneurs with a long-term vision and innovative solutions.
- Investment Focus Areas: Companies that drive positive change across various industries.
- Notable Investments: Airbnb, Stripe, Snap.
- Seaport Capital
- Details: Seaport Capital is a private equity firm that invests in communications, information, and business services companies. They focus on middle-market companies with strong growth potential.
- Investment Focus Areas: Communications, information, business services.
- Notable Investments: Horizon Telecom, Metrocast, DataBank.
What's Next for Teamworks?
Teamworks stands on the brink of significant global expansion, driven by its recent $65 million Series E funding round. This capital injection will enable the company to enhance its platform offerings and pursue strategic acquisitions, such as the recent purchase of ARMS Software. These moves position Teamworks to serve a broader range of elite sports and military organizations, potentially impacting thousands of teams and departments worldwide.
Future fundraising opportunities appear promising, given the company's growth trajectory and the increasing demand for integrated sports technology solutions. However, challenges lie ahead, including the integration of new acquisitions and maintaining a competitive edge in a rapidly evolving market. As Teamworks navigates these complexities, its focus on innovation and strategic growth will be crucial for sustained success.
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