Teamworks, the enterprise SaaS provider for collegiate and professional sports organizations, has raised an oversubscribed $65M Series E funding round led by investment firm Dragoneer Investment Group. The company has also acquired ARMS Software, which provides over 400 collegiate athletic departments with tech solutions for compliance, fundraising and recruiting. The funding round and ARMS integration mark the latest step in Teamworks’ rapid growth as the company continues to build upon what it calls the operating system for sports.
Teamworks founder and CEO Zach Maurides said the “tight, competitive” funding process took fewer than 90 days to complete, closing in late March. Beyond funding the ARMS deal, the newly raised capital will allow Teamworks to continue building out its product development teams and potentially finance future acquisitions. Maurides, a member of SBJ’s Forty Under 40 class of 2020, said the Series E was not impacted by the currently challenging fundraising market, which he chalked up to Teamworks being a market leader that’s capital-efficient and continuing to grow quickly. He also noted that the funding round valued Teamworks at roughly double its valuation from a year ago, when the company closed its $50M Series D.
In a statement, Dragoneer partner Christian Jensen highlighted Teamworks’ “innovative, customer-centric technology and a proven leadership team that operates in large, global markets.” Teamworks, which is based in Durham, N.C., managed the funding round internally and did not use an external bank.
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The ARMS deal is the latest in a flurry of acquisitions for Teamworks, which in January announced the acquisition of four companies in human performance firm Smartabase, academic support services provider Retain and alumni engagement platforms Grafted and NextPlay. The consolidation is intended to better position Teamworks as a one-stop shop for athletic department staffers and collegiate athletes. “ARMS will be a part of this vision and become Teamworks’ purpose-built platform for recruiting,” wrote Maurides in an email to SBJ. “Additionally, the robust functionality of ARMS compliance and process automation will be married with the operational excellence of Teamworks Hub to offer a connected and enhanced experience to support athletes.” He added that the company will consider further acquisitions, particularly with an eye on companies operating in the human performance space. Teamworks is now used by over 6,000 sports, military and public safety organizations.
Maurides said the company’s remaining near-term goals are centered around establishing a “unified and seamless technology experience,” including the creation of a single roster management product, a consolidated mobile tool for athletes, automated workflows across multiple products and an open API to allow integration with third-party software. “The acquisition of ARMS brings this vision forward faster with the addition of their industry-leading process automation technology,” wrote Maurides. “The extensible workflow engine will be applied across all Teamworks products to drive automated processes that benefit every area of every organization.”
