[UPDATED] SportsTech Startup TeamGenius Closes $600k Seed Round

[Updated] 1/3/2019 – Minneapolis sportstech startup TeamGenius has closed on their $600k seed round per CEO Todd Larson.

 

 

He says that Great North Labs Venture Fund put in about half, and other angels included Bob Naegele III, son of the original Minnesota Wild NHL team owner Bob Naegele, Jr.   TeamGenius now counts 9 people FT/PT.

Original 4/11/2019: Minneapolis sportstech startup TeamGenius is seeking to raise $600k with $200k committed from lead local investor Great North Labs.

TeamGenius was formed in 2015 by CEO Todd Larson – and later joined by cofounder Chris Knutson – as an athlete assessment platform for youth sports organizations that replaces the clumsy, time-consuming paper assessment process with a mobile app for easier scoring and instant, more accurate results. They provides organizations with management tools and scoring algorithms to better place players on appropriate teams, provide feedback to players and parents, and save volunteers time and energy.

“Year over year at this point, we are over 400% growth in customers and revenue, with our annual recurring revenue now over $200k and 177+ customers on the platform,” Larson says of their traction right now.

TeamGenius is a Minnesota Cup graduate, a MinneAnalytics Sportcon alum, and was also in gBETA’s inaugural spring cohort.

Cofounder and CEO Todd Larson says that they are mostly bootstrapped to revenue, with only $100k equity intake last year from lone angel investor turned partner Brian Schoenborn; they are also now hiring a full time sales rep.

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