North Carolina, USA-based, enterprise SaaS company serving elite sports and tactical organizations globally, Teamworks raised USD 65 million in Series E. The round took place on April 12, 2023. San Francisco-based, growth-oriented investment firm Dragoneer Investment Group led the financing for the company.
In addition, the company acquired USA-based Arms Software. The latter empowers more than 400 collegiate athletic departments with tools to recruit talent, manage compliance, automate operations, and streamline camps.
Purpose of investment and acquisition by Teamworks
The total funding raised by the firm so far amounts to USD 165 million. With the latest capital injection, the company seeks to expedite its ability to innovate within the sports technology space.
It also has plans to enhance its product integrations.
The latest addition of ARMS enables Teamworks to provide athletes with a single mobile front door, aggregating their responsibilities on and off the field.
What the company’s official has to say
Zach Maurides, Founder and CEO of Teamworks, said, “Our ability to raise $65M in this economic environment speaks volumes to our leadership position in the market. The new capital will continue to fund M&A and expand our growth into new regions and new areas of elite human performance. With the acquisition of ARMS, we bring together the two most trusted tech brands in collegiate sports. It’s an immediate game changer for our customers working to transform their operations and deliver an exceptional athlete experience. ARMS’ powerful workflow engine will have an impact beyond collegiate, with clear value to deliver for professional, Olympic, and military customer bases.”
What the investor has to say
Christian Jensen, Partner at Dragoneer Investment Group, further said, “We look for category-defining businesses with innovative, customer-centric technology and a proven leadership team that operates in large, global markets. Teamworks checks all those boxes and more. Their efficient and durable growth over the last several years is impressive. But what excites us most is their vision for an integrated platform. It will fundamentally transform how sports and military organizations operate to support their athletes, service members, and staff.”
What the Arms Software official has to add
Besides, Mike Hurt, CEO of ARMS Software, said, “Teamworks is the clear leader in the sports tech industry, with an expanding footprint and a vision to integrate best-in-class purpose-built tools that service the athlete. This strategy is gaining momentum. We know that ARMS can help make that vision a reality and partake in drastically changing the market. Teamworks and ARMS Software have independently revolutionized college athletics with their complementary product offerings Now is the time to bring the companies together to leverage each other’s strengths and deliver a complete package for the customer.”
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