US-based sports media startup The Players’ Tribune (TPT) closed a $40m series C round yesterday featuring GV, the subsidiary of internet technology group Alphabet formerly known as Google Ventures.
Venture capital firm IVP led the round, which included New Enterprise Associates (NEA), investment adviser GenTrust and individual investors including Thomas Tull, chairman of entertainment studio Legendary Entertainment, and undisclosed individual sportspeople.
TPT was founded by retired New York Yankees captain Derek Jeter in 2014 and operates as a platform through which athletes can publish their own written, video, audio or photographic content. More than 1,200 sportspeople have contributed to the platform so far.
The company will use the series C cash to strengthen its content, and intends to grow its editorial, sales and video production capabilities as it seeks news paths of distribution and revenue. The funding was raised at a pre-money valuation of approximately $100m, according to Axios.
Jaymee Messler, president of TPT, said: “This investment will enable us to test new ways across a variety of platforms to help athletes tell their stories, and to create immersive content that brand and strategic partners want to support.
“IVP has a strong background in growing tech and media companies, and is passionate about what we are doing at TPT. We are excited to partner with them. And with athletes making up nearly 20% of this round of financing, it is a true testament to the strength of the athlete community we have built.”
The round increased TPT’s overall funding to $58m. It closed a $15m series B round in late 2015 that was led by basketball player Kobe Bryant and backed by NEA and Tull, after raising $3m in 2014 according to a securities filing.