Mpls. Sports Tech Co. Lands Another $15M In Funding
Minneapolis-based sports software firm Sport Ngin recently closed on a $15 million round of funding, with plans to bring in $11 million more.
Sport Ngin, which is still legally titled TST Media, provides Web software and mobile applications for youth, amateur, and professional sport teams and leagues.
According to a filing with the Securities and Exchange Commission, the company is seeking a total of $26 million but has thus far closed on $15 million.
Ten million dollars of the funding came from the merchant banking division of Minneapolis-based investment firm Piper Jaffray, while the other $5 million came from California-based venture capital firm Icon Venture Partners, according to a report by TechDotMN.
Last year, the company closed on $6 million in venture capital to support a wave of hiring and a move to the Van Buren Building in Northeast Minneapolis. The move resulted in 20 added jobs and the rebranding of the company from TST Media to Sport Ngin. The company now houses 140 total employees.
Sport Ngin, which was founded in 2008, has also recently expanded through acquisitions.
In December, it acquired a basketball scoring application called iScout for an undisclosed sum. And last April, it bought e7sports, a California-based sports organization management software company, for an undisclosed sum. Before that, in February 2012, it acquired Wisconsin Sports Network, a news website that covers high school sports, for an undisclosed sum.