Real Madrid Next, the open innovation arm of Spanish football team Real Madrid, formed a venture capital partnership with Spain-based VC firm FundingBox yesterday.
FundingBox will invest up to €4.5m ($5.3m) in 30 startups over the next three years through the scheme, with Real Madrid matching that with resources and project management expertise valued at the same size.
The initiative will target developers of technology in sectors such as digital health, customer engagement, cybersecurity, audiovisual content creation and social work and sustainability, with a view to enhancing the club’s relationship with fans and the team’s performance.
Real Madrid Next was launched in January this year to strengthen the club’s activities on and off the pitch. It had planned to hold an innovation conference focused on e-health in March but was forced to cancel the event due to the Covid-19 pandemic.