Tennis Australia has successfully completed the first close of its $30 million venture capital fund, marking a significant step in its effort to support innovation across sports, entertainment, media, and health sectors. The fund, spearheaded by Tennis Australia’s corporate venture arm, AO Ventures, will direct 75% of its capital toward private and strategic investors.
AO Ventures anticipates the final close of the fund will occur after the conclusion of this year’s Australian Open, which wraps up in late January.
The launch of the fund coincides with a surge in venture capital investment within the sports and entertainment sectors, which are seeing strong global growth. PwC forecasts the global sports market will reach $680 billion by 2028.
In line with this trend, earlier this month, Scrum Ventures, a US-Japan-based venture capital firm, closed a $68 million fund targeting sports and entertainment tech startups.
Tennis Australia, renowned for hosting the Australian Open Grand Slam tournament and owning a media business that broadcasts the event, has made AO Ventures its primary vehicle for funding innovations relevant to its operations. The fund invests between $300,000 and $1.5 million in early-stage startups, from seed to Series A rounds, with additional capital available for follow-up funding rounds.
The fund prioritizes technologies applicable to Tennis Australia’s core business areas, such as sports events, fitness, and mass-participation sports, and extends its focus beyond tennis to include other sports as well.
AO Ventures also runs the AO Startups pilot program, which allows it to test new technologies in its own operations before making investment decisions.
Related topics:
How to Choose the 5 Best Mutual Funds for Long-Term Investment
When Can I Withdraw Axis Long Term Equity Fund?
