Professional Triathletes Organization Raises $30 Million in Series B
The Professional Triathletes Organisation (PTO) has completed a $30 million Series B funding round led by Divergent Investments, a Luxemburg-based private equity fund.
Majority investors in the round included the Welsh billionaire Sir Michael Moritz and Warner Bros. Discovery, which in July, signed an exclusive multiyear partnership with the PTO to broadcast live and on-demand coverage of the PTO tour.
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“This successful raise is a further validation of the PTO’s athlete-led model and broadcast and content-led strategy,” CEO Sam Renouf said in an interview. “Our three-year broadcast partnership with WBD was a significant milestone when we announced it in 2022. Their decision to become a shareholder is a testament to the longer-term opportunity of growing and commercializing Triathlon.”
The Warner Bros. Discovery deal followed the success of the inaugural Collins Cup, the PTO’s flagship event, and overall, this year’s inaugural tour attracted more than 23 million viewers globally.
“We wanted to be in partnership with a broadcaster that isn’t just a straight broadcast deal,” Chris Kermode, the chairman of the PTO, said in an interview. “We wanted them in-house to be part of this journey and to grow the sport together with them.”
The PTO claims there is a market of 10 million leisure triathletes globally whose disposable income is superior to those who play golf.
The PTO is an athlete-owned organization that hosts three events throughout the year: The Canadian Open, The U.S. Open and the Collins Cup—a Ryder Cup-inspired race that pits athletes from Team Europe, Team U.S. and Team International against each other in 12 different races.
“Triathlon attracts and appeals to an audience with a valuable demographic. More valuable than golf; arguably the most valuable in sport,” Moritz said in a statement. Moritz—an early investor in Google, YouTube and LinkedIn—was the sole investor in the PTO’s Series A round, when the company raised $12.5 million.
“The interest in people putting money into the sport is just off the charts, and I think people realize the benefits of sports that are in their early days,” Kermode said. “Ultimately, the simple fact is that all sports have the same appeal. It’s about caring who wins over someone else.”
The PTO plans to expand the tour to Europe (Europe Open) and Asia (Asia Open) alongside its U.S. and Canadian equivalents and the Collins Cup in 2023 and 2024.
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