SeventySix Capital had previously found its sweet spot in verticals like health, wellness and consumer-facing tech (with portfolio companies like Seamless and Nutrisystem,) but now the Conshohocken-based venture capital firm is all about sports.
The company, which recently added former Phillies slugger Ryan Howard as partner, announced the initial closing on a $10 million fund that will focus on sports technology startups, as well as health, wellness and the “future of retail.”
Backers of the fund include Tennessee Titans running back (and former Eagle) DeMarco Murray, tech investor Michael Rubin and Comcast exec David L. Cohen. There’s also funding from the Commonwealth of Pennsylvania through the Ben Franklin Technology Development Authority.
Per an SEC filing introduced in October, the total offering of the fund is $40 million. The venture firm’s average bite-size is in the $250,000–$1-million range.
From the fund, the firm has already backed two startups: Israel-based IoT company Kwik and more recently in N3rd Street Gamers, a Northern Liberties-based esports startup.
Managing Partner Wayne Kimmel, said the company was excited about the closing, citing the firm’s potential to provide founders with “unique relationships, knowledge and expertise.”
The company’s initial closing of the fund comes at the end of a tepid year for venture capital in Philly: a PACT report measured a significant lull in both number of deals and volume during 2017.