Millions Secures $10M for Social Commerce Platform for Athletes

Millions.co Secures $10 Million to Empower Athletes Through Social Commerce

Millions.co, a social commerce platform designed for professional and semi-professional athletes, has successfully raised $10 million in funding. The investment round was spearheaded by Volition Capital, a Boston-based venture capital firm.

Platform Focus and Initial Development

This funding is categorized as a Series A round, although the Millions team initially self-funded the platform’s initial development and launch. This allowed for a seasoned start and a focused approach to building the core product.

The Founding Team and Advisors

The company’s leadership includes CEO Matt Whitteker, who brings experience from Assent Compliance and NoNotes.com, alongside his background as a boxing gym owner. Brandon Austin serves as CMO, having previously co-founded Go-Fish Cam. The team is further supported by advisors such as Adrian Salamunovic, co-founder of DNA 11 and CanvasPop, Scott Whitteker of Fight for the Cure, and veteran sports announcer Bruce Buffer.

Millions’ Core Offerings

Launched in April, Millions provides athletes with tools to connect with and monetize their fanbases. The platform currently offers three primary products: custom merchandise with a complimentary design service, personalized “ask-me-anything” videos, and a pay-per-view livestreaming service.

Evolution of the Platform

Originally conceived as an e-commerce and merchandising platform, Millions expanded its offerings based on feedback and market analysis. The addition of video products, including personalized content and a streamlined pay-per-view system, broadened the platform’s appeal.

Competitive Landscape

Millions differentiates itself by concentrating exclusively on the sports industry and fan engagement. While acknowledging competitors like Twitch, Patreon, Represent.com, and OnlyFans, the platform maintains a laser focus on the multibillion-dollar sports market.

Differentiating from Cameo

While acknowledging similarities to Cameo’s personalized video offerings, Millions emphasizes a different approach. The platform prioritizes in-depth questions related to training, strategy, and predictions, catering to fans seeking more than just birthday greetings.

Complementing Existing Social Media

Millions recognizes the value of platforms like Instagram, TikTok, and Facebook for athlete-fan interaction. However, it argues that these platforms lack robust monetization features. Millions aims to complement these existing channels by providing a centralized hub for brand building, merchandise sales, and video content monetization.

Current User Base and Expansion Plans

Currently, Millions hosts around 300 athlete profiles, with “thousands” more registered and awaiting activation. The initial focus is on “combat sports and gyms,” but the platform supports a wide range of sports, including lacrosse, water polo, baseball, and gymnastics.

Targeting a Broad Range of Athletes

Millions aims to serve athletes across the spectrum, from global superstars like Michael Jordan and Cristiano Ronaldo to those with more modest fanbases. The platform specifically targets athletes who may not have access to lucrative sponsorship deals.

Investor Perspective

Sean Cantwell, managing partner at Volition Capital, stated that Millions provides athletes with a comprehensive solution for connecting with fans, generating revenue, and building their personal brands. He believes Millions represents the future of fan engagement.

Incentivizing Athlete Adoption

To accelerate platform growth, Millions is offering athletes a “signing bonus” upon joining and beginning to sell, with bonus tiers reaching up to $5,000 per athlete.

Platform Development and Future Vision

The platform is continuously expanding, adding new athlete profiles and sports categories daily. Millions’ goal is to provide a user-friendly platform that handles the complexities of page design, technology, and logistics, allowing athletes to focus on their sport and fan interaction.

Ambitious Goals

The company envisions becoming a leading sports tech company, aiming to be the “Etsy of sports.” They believe their platform is essential for the vast majority of athletes seeking to monetize their fanbase.

Global Expansion

While currently focused on North America, Millions recognizes significant growth potential in Europe and Asia and plans to expand its global reach.

Use of Funds

The Series A funding will be allocated to expanding the product engineering team, general team recruitment, and marketing efforts to attract more athletes to the platform.

Providing a Support System for Athletes

Brandon Austin emphasizes that Millions provides athletes with a dedicated team, including marketing, account management, and design support, to build their brand and product line. This allows athletes to concentrate on their training and performance.

Revenue Model

Millions operates on a revenue-sharing model, taking a 20% commission on all sales made through the platform, whether for merchandise or video content.

Fulfillment and Merchandise

The platform utilizes a global network of print-on-demand suppliers to handle fulfillment for customized merchandise, including items like t-shirts, caps, and hoodies.