General Catalyst Leads Funding Round in Duke-Backed Teamworks
(Bloomberg) -- Venture capital firm General Catalyst Partners is leading a $15 million funding round in sports software maker Teamworks, whose clients include the National Collegiate Athletic Association and Adidas Team Sports.
General Catalyst is spearheading a series B funding round in Teamworks, the venture capital firm confirmed in an emailed statement. The round includes capital from existing investor Seaport Capital as well as DUMAC Inc., the investment arm of Duke University, the firm said. The enterprise value wasn’t disclosed
“Sports is a strong growth sector yet it has been wildly underserved in tech innovation,” General Catalyst Managing Director Holly McConnell said in the statement. “We were motivated to invest in Teamworks by the greenfield opportunities, its chance to create a category-defining platform, but even more so by the team.”
A representative for DUMAC, located in Durham, North Carolina along with the university and Teamworks, declined to comment. A Representative for Seaport Capital didn’t respond to requests for comment.
Teamworks, founded in 2004 by former Duke football player Zach Maurides, provides software that helps athletic groups communicate and organize schedules. The company raised $6.25 million in its first funding round in 2016, according to the company’s website.
General Catalyst raised $845 million for its eighth pool of capital in 2016. The firm has invested in companies including social media platform Snap Inc., travel marketplace Airbnb Inc. and eyewear company Warby Parker Retail Inc.
Teamworks was advised by Inner Circle Sports, a boutique investment bank focused on the sports industry.
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