Sports Software Firm Raised $25M In Latest Round
Sport Ngin, a Minneapolis-based sports software firm, said this week that it has raised $25 million in its latest financing round—bringing its total funds raised since its 2008 inception to $35 million.
The company had already disclosed in March that it raised an initial $15 million in the latest round, so Wednesday’s announcement means it has raised $10 million more. The Series D financing round was led by Piper Jaffray Merchant Banking and Causeway Media Partners and also included funding from existing investor ICON Venture Partners. A Sport Ngin spokesman told Twin Cities Business that the company “may have some additional follow on to the round.”
Sport Ngin’s platform, called NGIN, is focused on youth and amateur sports, which the company describes as a multibillion-dollar market. Its thousands of clients—including local organizations and national sports governing bodies such as USA Hockey—tap the platform to run their websites and manage tournaments, leagues, player registration, and mobile applications.
Following the investment, Bob Higgins, managing director of Causeway Media Partners, and Tom Schnettler, managing director of Piper Jaffray Merchant Banking, are joining Sport Ngin’s board of directors.
“Our growth trajectory and leadership position in the industry generated overwhelming interest in this financing round,“ Sport Ngin CEO and cofounder Justin Kaufenberg said in a statement. “We are excited to partner with this group of investors who share our vision for pursuing this tremendous market opportunity.”
Sport Ngin currently employs roughly 200 people, and the company said that, following its latest financing, it will “continue to invest heavily in our Sport Ngin product suite and the underlying NGIN platform which powers all of our amazing applications and websites.” The company also plans to invest in its sales, service, and marketing efforts.
Kaufenberg said that hundreds of thousands of teams and millions of athletes, volunteers, and fans across North America use the NGIN platform every day, allowing them to cut down on the time they spend on management and administration.