SeventySix Capital raises second venture capital fund as sports betting focus continues
The venture capital company sold VSiN to DraftKings earlier this year.
Announced this week, the venture capital company, SeventySix Capital, has closed its second sports betting-focused fund. The funding is set to be used to invest in entrepreneurs with innovative approaches to sports betting, esports, and sports tech.
“This next fund is an important milestone as we continue building SeventySix Capital as the go-to investment company in the sports industry,” said Wayne Kimmel, SeventySix Capital’s managing partner.
“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.”
Specifically, SeventySix intends to invest in startups that are “disrupting and innovating the sports industry through the use of analytics, data, and technology.” Ultimately, this is in the hope of capitalizing on the ever-growing legal sports betting market in the US.
SeventySix Capital has been involved with some of the United State’s biggest sports betting entities. In 2021, the company has sold three companies, including the sports betting network VSiN to DraftKings, and Vigtory to FuboTV as the streaming platform moved to enter the sports wagering market.
Recently, the venture capital firm added Robert Nutting, owner, and chairman of the board of the Pittsburgh Pirates of Major League Baseball, and Arthur M. Blank, owner, and chairman of the Atlanta Falcons of the National Football League and Atlanta United FC of Major League Soccer. The company also recruited Super Bowl champion, Emmanuel Sanders.
Sanders said: “I’m excited to officially join the already dynamic team at SeventySix Capital that I have gotten to know well over the last several years through my marketing agent, Dave Maryles. Given my personal passion for esports, it’s great working with Nerd Street, their esports portfolio company. We share similar values and interests in entrepreneurship, the sports business, and overall the drive to work hard to achieve lofty goals.”
The company is a strategic partner to the American Gaming Association and in recent weeks has supported its “Have A Game Plan” responsible gaming campaign. SeventySix joins BetMGM, RSI and, Entain in doing so.
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