What commenced back in December with a $3.3m first tranche has officially concluded for Northeast Minneapolis startup TST Media — now called Sport Ngin — as they announced today the closing of their total $6m third round of equity financing.
“We received a great deal of interest from numerous investors. This milestone underscores our progress, hard work, and many successes to date, and validates the widespread adoption of Sport Ngin by thousands of sports organizations,” said co founder and CEO Justin Kaufenberg.
Formed in 2008, Sport Ngin provides web and mobile-based software solutions for youth, amateur and professional sports organizations. The company counts more than 100,000 sports teams, leagues, clubs, associations, tournaments, facilities and businesses worldwide.
“Our further investment in Sport Ngin reflects our confidence in the company’s technology and senior management team, and in its impressive performance over the past several years,” said Jeff Hinck, general partner of El Dorado Ventures, and a member of Sport Ngin’s board of directors.
With the proceeds comes the expansion of technical product development, sales and marketing, pushing headcount past 120.
The potential acquisition of services and technologies that can expand Sport Ngin is also on the table.
“We estimate there are about 300,000 organizations that are potential customers of Sport Ngin in what we refer to as the “below the line” sports sector — i.e., non-professional youth and amateur sports organization, in the U.S. alone,” co founder and CPO Carson Kipfer notes.
“We are very focused right now on building a rapid-growth, highly-profitable independent business, and in expanding our presence in core markets. Ultimately, of course our investors will desire a liquidity event for their capital, but don’t hold your breath; we are really just getting started. I’ve never been more excited about the long term future of this company.” Kaufenberg added.