Courtside Ventures, a US-based, sports-focused venture capital fund, launched on Monday with $35m of capital supplied by limited partners including marketing firm WPP.
The fund will target startups developing sports and media technology that could potentially be used across a range of other markets. It will invest at seed and series A stage, both in the US and internationally.
Courtside will also seek to leverage WPP’s global network of partners, which includes the IOC, FIFA, UEFA, the Premier League, La Liga, Formula One, Nascar, the NBA and the NFL.
Dan Gilbert, chairman of economic and real estate development firm Rock Ventures and the majority owner of NBA basketball franchise the Cleveland Cavaliers, is the fund’s anchor investor.
Courtside has also formed a strategic partnership with Bruin Sports Capital, the media, marketing and lifestyle company launched in 2015 with $250m of equity funding from a syndicate led by WPP. Bruin Sports founder George Pyne will act as Courtside’s non-executive chairman.
Martin Sorrell, WPP’s founder and CEO, said: “Sports remains a fundamental interest for our clients, the media and our people. So, we are delighted to participate in Courtside, particularly with Dan Gilbert and George Pyne. The icing on the cake is the Detroit location, home of our largest client, Ford.”