Durham startup targeted at athletes raises $25 million from investors
Durham startup Teamworks, which runs a scheduling-and-communication platform for student and professional athletes, has completed a new round of funding from investors worth $25 million, the company said this week.
The startup has now raised more than $46 million since 2004, when it was founded by Zach Maurides, a former offensive lineman at Duke University.
Teamworks has grown significantly since then, and now has more than 100 employees at an office in downtown Durham.
The new funding round, led by Delta-v Capital, will be used to boost the company’s growth around the world. While most of its customers are teams and universities in the U.S., Teamworks does have customers in Europe and Australia.
Other investors include the venture capital firm General Catalyst, Boston Celtics co-owner and Duke alumnus Steve Pagliuca and former Duke basketball player and Barack Obama’s personal aide Reggie Love.
Dan Williams, a partner at Delta-v Capital, said it invested in Teamworks because he believes that sports is still an emerging market when it comes to software adoption. He believes there will be an even quicker acceleration for adoption because of the coronavirus pandemic.
“Prior to this pandemic, Teamworks’ customers raved about their product,” Williams said in a statement, “but like Zoom, it has become even more mission critical at a time when sports organizations are operating in a remote environment.”
The company’s flagship product is a scheduling platform used to connect and coordinate the complex schedules and competing interests involved in college and professional sports and other organizations. The app can maintain schedules, remind athletes about doctors’ appointments and study halls, and track their performance and body measurements.
The platform was quickly adopted by a host of teams across college and professional sports. More than 2,500 teams around the world use the company’s services now, including more than 2,000 Division I college teams and a third of National Football League and National Basketball Association teams.
Its customers include the University of Alabama, Green Bay Packers, Boston Red Sox and the Chicago Bulls. Maurides’ alma mater, Duke, is also a client.
Last year, the company bought an ownership stake in INFLCR, another startup that helps athletes boost their social media presence by giving them real-time access to photos and videos taken of them during games.
“In this environment, we know the need for strong communication, strategic risk management and meaningful preparation is vital,” Maurides said in a statement. “Now more than ever, we’re seeing how Teamworks empowers organizations to be successful, throughout any circumstances.”
This story was produced with financial support from a coalition of partners led by Innovate Raleigh as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work. Learn more; go to bit.ly/newsinnovate
This story was originally published April 10, 2020 at 2:37 PM with the headline "Durham startup targeted at athletes raises $25 million from investors."
