Sports Training Startup Sport XYZ Announces SAFE Round on Doorway

Sport XYZ , an Italian EDU-TECH startup that offers sports masterclasses held by the greatest champions in the world, has announced the opening of a second round of $1.6 million, after the first of $800,000.

The Round on Doorway

After the commitment of several family offices and investors, Sport XYZ has been admitted to Doorway Platform, one of the main equity crowdfunding platforms for startups, where it has opened the second round of financing.

The campaign of Sport XYZ will be open until September 20th, 2024 and investors will be able to invest in the Italian investment vehicle.

The $1.6 million round consists of the placement of a “SAFE Agreement” at a pre-money valuation of $10 million, with a discount mechanism on the pre-money value proportional to the achievement of the turnover forecast at 12/31/2024, shared by BP, of $1.08 billion with verification of the result on 04/30/2025. The discount mechanism will not take effect beyond the threshold of $8,000,000 (Floor).

The company is based in the USA, in San Francisco, but the object of the investment is a vehicle under Italian law.

Sport xyz seen as an innovative solution for Edu-tech in sport

Sport xyz was born from the idea of ​​a team of entrepreneurs with expertise in technology and communication, Fabio Merlin , Michele Mormile and Andrea Chiavegato , who have successful exits into funds and stock market listings behind them.

The proposed solution addresses the problems of both athletes and coaches in the world of sports. For athletes, access to certified and affordable coaches is often difficult, as athletes do not usually teach and class locations can be difficult to reach.

On the other hand, coaches tend to focus on a few individuals, making it difficult for champions to affordably dedicate themselves to teaching. Currently, there is no digital platform that can monetize champions’ talent and disseminate their knowledge in a scalable way.

The platform boasts exclusive courses with athletes of the calibre of Federica Pellegrini, Rafael Leão and Mark Cavendish , and other champions of tennis, marathon, triathlon, padel and other sports will soon join.

The team’s goal is to become the world’s leading platform in the online sports training sector, thanks to top-notch content, engaging learning experiences and interaction with champions.

How Sport xyz works

Sport xyz leverages the power and reputation of the athletes’ fan base to amplify its reach and conversion. The champions involved in the project actively promote the platform on their social channels and at their events, creating an authentic and powerful word of mouth that attracts new customers all over the world.

The main business model (B2C) consists of courses sold to customers (€39 per course), with a 70% withholding of the proceeds in their favor, while the remaining 30% is intended for the champion. Once this first goal of courses is reached, the next champions will be remunerated at 15%.

In the future, the company wants to create other revenue streams by switching to a subscription revenue model and B2B revenue, including product placement during action scenes, for which discussions are already underway with a major global sportswear player.

The goal is to add another 40 samples to the portfolio and expand the service on a global scale.

The management team also has open conversations with international sports champions, who will become part of the company’s share capital.

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(Featured image by Frames For Your Heart via Unsplash)

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