Durham startup Teamworks has raised $50M in latest funding round

DURHAM – Teamworks has raised $50 million in a Series D round, including investments from more than 30 current and retired professional athletes.

The Durham-based provider of sports team management software, which it has trademarked as the “Operating System for Sports™” announced the capital raise in a statement on its website on Tuesday.

According to the company, the round was led by Delta-v Capital, which has offices in Boulder, Colorado and Dallas, Texas.

Jessica McDonald, World Cup Champion as a member of the U.S. Women’s National Team in 2019 is among the 30 athletes who invested in the latest fundraising round, as is David Robinson, the two-time NBA champion, 1995 NBA MVP, and NBA hall of fame member, and NFL quarterback Marcus Mariota, who also won the 2014 Heisman Trophy Award.

The company statement notes that the latest fundraising round makes the startup, now based in Durham, “equipped to drive performance and innovation within its current product portfolio, expand into new product categories, and continue to solidify its role as the operating system powering the digital transformation of sports.”

Durham’s Teamworks, founded by former Duke football player, lands $25M in Series C funding

Adding capital, adding talent

Zach Maurides, the founder and CEO of Teamworks, said in the statement that the $25 million in Series C raised by the company in April 2020 allowed the company to attract talent and modernize the firm’s core technology platform.

“Completing this round of financing enables us to find, recruit, and fund the very best sport tech entrepreneurs to come build at and with Teamworks,” Maurides said of the Series D fundraising round in the statement.

Maurides also published an open letter about the company’s future.

“When we talk about what this $50M means for Teamworks, what it means for the entire sports industry, it means that we are going to continue to assemble and acquire the greatest minds in sports technology,” he wrote in the blog post. “We are going to find the most talented teams and entrepreneurs, building the most innovative products in every corner and every category of sports technology, and recruit them to join us in this mission.”

Delta-v Capital also led the Series C round, according to prior WRAL TechWire reporting.

In total, the company has raised more than $100 million, the company statement said.

In 2021, the firm acquired Notemeal, a performance nutrition platform for athletes and dietitians that seeks to fuel players for peak performance. Teamworks also acquired INFLCR in 2019, a brand-building platform that athletes can use.

“Teamworks has become the clear, market-leading software platform upon which elite sports teams run their day-to-day operations,” said Dan Williams, partner at Delta-v Capital, in the statement. “The sports industry is seeing a rapid acceleration in the adoption of technology, and with this financing, Teamworks is poised to capitalize on the immense opportunity in front of them as they continue to build and integrate additional products.”