Trace, which uses cutting-edge technology to film sporting events, recently announced that it has raised $47 million in a Series C funding round. The company has reached total funding of $65.2 million.
The round was led by Pelion Venture Partners and also included Toba Capital, Lakestar and NextGen VP.
The new capital will be used to hire more employees, improve the product and enter new sports.
- Trace, available for football, baseball and softball, uses GPS sensors and one wide angle camera not only for recording games, but also for compiling performance metrics.
- CEO David Lokshin said the product can “deliver personalized moments to every player without any extra work from anyone on your team.”
- The mark has been used by more than 1.4 million athletesaccording to Lokshin.
Between 2021 and 2026, a study suggested the sports technology market would grow from $17.9 billion to $40.2 billion.
Trace operates an extremely lucrative sector of the sports industry: youth sports.
A study valued that in 2019, the U.S. market was worth $19.2 billion — and could skyrocket over $77 billion by 2026.
Although these numbers were charted before the pandemic temporarily halted the industry, the market is likely beginning a comeback.