PlayOn! Sports (PlayOn) announced today that it has raised Series B funding of $25 million led by venture investment firm BIP Capital. New investors in the funding round include Jeff Vinik, Teall Capital, and Crossover. The capital will be used to further the company's growth by accelerating the deployment of the Pixellot automated production solution throughout the high school market, as well as for additional investments in its consumer products and automated marketing infrastructure.
PlayOn is the nation's leading high school sports media company and operates the NFHS Network, a joint venture with the National Federation of State High School Associations (NFHS) and its member state high school associations. PlayOn introduced the Pixellot automated production solution to high schools three years ago and it has quickly become an integral component of the NFHS Network's livestreaming and on-demand services.
There are currently more than 4,000 Pixellot units in high schools across the country producing in excess of 150,000 live games annually without the need for human involvement. The NFHS Network livestreams 27 different sports and the events are monetized via consumer subscription. Subscription revenue has grown by more than 100 percent year over year.
"In addition to our returning and long-time investor BIP Capital, we're excited to partner with Jeff Vinik, Teall, and Crossover on our journey to ultimately livestream every high school sports event," said David Rudolph, founder and CEO of PlayOn. "This new capital will enable us to grow even faster by doubling the number of schools using automated production within the next 12 months."
"PlayOn has evolved into a truly exceptional company. We're proud of what they have built in partnership with the NFHS, its member state associations, and high schools," said Mark Buffington, co-founder and CEO of BIP Capital. "By aggregating high school media rights through the NFHS Network, state associations have made it possible for fans and their families to stream any sporting event to any connected device. In addition, the network's revenue sharing program allows high schools to extend the values and support the costs of amateur student-athleticism."
Inner Circle Sports LLC, a boutique investment bank focused on the global sports and media industry, served as financial advisor to PlayOn.
About BIP Capital
BIP Capital is recognized as one of the most active venture investors in the Southeast, serving entrepreneurs, investors, and operators to grow the emerging company ecosystem. It applies experience and process to make investment decisions and operational recommendations, allowing its portfolio companies to achieve and stay on a glide path of growth. Areas of focus include Enterprise SaaS, Healthcare IT, Digital Media, Dev Tools, and MarTech. For more information, visit www.bip-capital.com or follow BIP Capital on LinkedIn or Twitter @BIPCapital.
About PlayOn! Sports
PlayOn! Sports was founded in 2008 with the purpose of honoring and celebrating the achievements of high school students, parents, coaches, and teachers in every community across the country. It is the nation's leading high school sports media company and streams more live sports events than any other company in the world. PlayOn is in its seventh year of operating the NFHS Network, a joint venture with the National Federation of State High School Associations (NFHS) and its member state associations. PlayOn is responsible for the day-to-day operations of the NFHS Network, which delivers live and on demand high school events at http://www.NFHSnetwork.com and related apps.
Source: PlayOn! Sports