TitletownTech, the venture capital fund established with the backing of Microsoft and the National Football League's (NFL) Green Bay Packers, has successfully concluded its second fund, raising an impressive $70 million to invest in technology startups.
A total of 27 investors, both new and existing, contributed to this funding round, marking a significant surge in the capital under TitletownTech's control. Since its launch in 2019, the fund has amassed a total of $95 million in capital, focusing on early-stage companies that are driving innovation in sports or addressing challenges in industries crucial to the US Midwest.
These industries encompass agriculture, utilities, manufacturing, construction, logistics, and other cross-industry technologies. Among the notable previous investments are Overtime, a challenger sports league operator, StatusPro, the developer of the officially licensed NFL Pro Era virtual reality (VR) video game, Synthetaic, a Wisconsin-based computer vision artificial intelligence (AI) startup, and Fork Farms, an agritech firm.
Notably, over half of the companies that received investments in the initial funding round have since secured additional capital, demonstrating the success and potential of the projects supported by TitletownTech.
Microsoft President, Brad Smith, expressed enthusiasm about the collaboration, stating, "When we teamed up with the Packers five years ago to bring more entrepreneurship and opportunity to Green Bay, we were tapping into a long legacy of innovation in Wisconsin and across the Midwest. Today, this winning formula is gaining momentum with the new startups, new talent, and another round of funding."
Mark Murphy, President, and Chief Executive of the Green Bay Packers, emphasised the importance of fostering entrepreneurship and innovation, saying, "Through TitletownTech, we’ve learned that entrepreneurship is a team sport, which is why we’re pleased to continue supporting entrepreneurs and inspiring others to embrace innovation. We think TitletownTech has the potential to be one of the most impactful things we do for the organisation, community, and beyond."
With this new injection of funds, TitletownTech is poised to play a pivotal role in driving technological advancement, supporting promising startups, and contributing to the growth and development of the entire Midwest region.