Durham startup Teamworks, a fast-growing venture launched by a former Duke University football player that provides mobile collaboration and communications software targeting athletic organizations, has closed on its first outside funding in its 12-year history.
With an ever-growing list of clients that now numbers more than 850 teams, leagues and universities, Teamworks raised funds from Seaport Capital, which led the Series A round. Seaport, which is based in New York, has made more than $700 million in investments in various software enterprises and has invested in sports franchises in the past.
Teamworks software is designed to streamline communication and information sharing among athletic organizations.
DUMAC, the investment arm of Duke University, also is an investor.
Other backers include David Cummings, the managing partner of Atlanta Ventures, as well as Inner Circle Ventures and the PagsGroup.
The amount of the funding won’t be disclosed, according to a spokesperson for Teamworks.
Teamworks says the new funds will be used to expand its software platform and marketing efforts.
Joining the Teamworks board as part of the deal are:
- Bill Luby, a founding partner of Seaport Capital
“We were blown away by Teamworks’ reputation in the market,” Luby said in the announcement. “Teamworks’ customers are the company’s number one advocate, which is driving accelerated growth. Rarely do we come across a company so poised to become a global leader in its respective industry.”
- Art Matin, former CEO of Mandalay Baseball, a previous Seaport Capital portfolio investment
“Twelve years ago in a dorm room at Duke we started a revolution that has fundamentally changed the way athletic organizations function, making them more efficient and competitive,” said Zach Maurides, Teamwork’ founder, in announcing the investment. “This capital raise allows us to continue to push the envelope technologically and meet the demand of an industry that so desperately needs our solutions.”
The company launched in 2004.
Clients include
- 375 NCAA Division I programs, including 80 percent of Power 5 Conference institutions
- Three National Football League franchises
- Two Major League Baseball franchises
- USA Baseball
- Major League Lacrosse
- The NCAA
- Big Ten Conference
- Adidas Team Sales
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