opensponsorship Secures Funding to Connect Brands & Athletes

OpenSponsorship Secures $4 Million to Revolutionize Sports Marketing

Ishveen Anand, a lifelong athlete and Oxford University alumna, discovered a passion for sponsorship marketing while seeking a career that blended her love of sports with professional opportunity.

She observed significant inefficiencies within the traditional sports sponsorship landscape, noting a slow pace in securing contracts between brands and athletes. Inspired by the growing influence of digital creators, Anand envisioned a platform akin to a combination of Airbnb and LinkedIn for the sports industry, as she explained to TechCrunch.

Founding and Growth

In 2016, Anand co-founded OpenSponsorship alongside Ron Nesbitt, aiming to address these challenges. The company, a sports sponsorship marketplace, has now announced a $4 million growth round to fuel further expansion.

This funding round is spearheaded by David Blitzer, principal owner of the Philadelphia 76ers. Joining him are Eric Stern, and representatives from WWE and Excel Sports Management.

Key Investors and Funding Allocation

Notable investors also include Jeffrey Talpins, Alex Jung of Isos Capital, NHL player Alex Killorn, and Shaherose Charania, a director at Nike.

The newly acquired capital will be strategically allocated to product development, integration enhancements, and expansion into new market segments. Increased investment in sales and marketing initiatives is also planned.

Current Performance and Market Impact

Currently employing 15 individuals, OpenSponsorship is projected to achieve $5 million in gross revenue and $1.5 million in net revenue this year. To date, the platform has facilitated over 10,000 sponsorship deals involving 400 distinct brands.

Brands utilizing OpenSponsorship select a subscription plan to gain access to the platform. They can then search for suitable athletes, teams, or events, utilizing filters based on specific criteria such as social media reach, logo placement opportunities, or event appearances.

Campaign Management and Platform Functionality

Users can initiate campaigns by directly selecting an athlete or leveraging OpenSponsorship’s expertise to identify optimal matches. The platform then enables brands to launch and meticulously track the performance of their sponsorship initiatives.

“We are redefining the very concept of sponsorship within a $60 billion industry,” Anand stated. “Our approach encompasses digital activations, content repurposing, and professional photoshoots, making sponsorship more appealing and accessible.”

Previous Funding and Company Milestones

Prior to this latest investment, OpenSponsorship secured a $1.3 million pre-seed round in 2016, following participation in the 500 Startups program. Since then, the company has grown to boast the largest athlete marketplace, representing over 11,000 athletes, and collaborates with major corporations like Walmart, Foot Locker, and Levi’s.

Strategic Advantages and Future Outlook

Anand highlights the benefits of sports sponsorships for local advertising, as athletes frequently maintain strong ties to their communities. Furthermore, she notes that athletes can help brands connect with male demographics, a segment often targeted by female-focused influencer marketing campaigns.

The additional funding will facilitate exploration of new verticals, including the music industry, which Anand believes presents a comparable dynamic of supply and demand.

“Traditional sponsorship models often lacked flexibility, locking brands into lengthy, exclusive contracts,” she explained. “We’ve made significant progress, enabling brands with a $100,000 budget to diversify their investments across ten athletes, gaining broader exposure within the industry.”