Melbourne-based sports technology startup Sports Performance Tracking (SPT) has raised over $1.5 million to “inject oxygen into the fire” and continue its rapid expansion around the world.
SPT offers GPS technology to amateur athletes in local sporting clubs that is now sold in 40 countries.
The latest funding round was led by existing investor Brady Scanlon, and follows a cash injection of just under $1 million in September last year.
SPT founder William Strange says he was able to attract investors using his company’s proven traction in the large market.
“When you’ve been running a business for multiple years you suddenly have to start backing up claims and investors don’t give you as much blue ocean,” Strange tells StartupSmart.
“Fortunately for us that was the easy part of the process. We fortunately had enough interest from a large variety of people that we were still able to pick and choose who we wanted involved.”
Strange says the funding will be used for further international expansion, with about 60% of the startup’s revenue already coming from outside Australia.
“We’re really starting to push into those markets and now we can get the resources and marketing to drive new tech innovations and deliver products to the market,” he says.
“Our growth has been fantastic – we keep doing record months each month. We found massive uptake internationally that has seen us make up for the domestic slow-down.”
Strange says SPT has only spent $254 in total on its global marketing, and some of the recent funding round will be used to further these efforts.
SPT’s first product GamaTraka gives junior, amateur and professional athletes the ability to review fitness levels, in-game work rates and training levels through GPS technology.
Although the technology was initially angled for consumers and amateur athletes, a number of larger clubs, including English Premier League club Sunderland and a number of Championship teams, have also become users of SPT’s technology.
“It’s something players can understand and clubs can afford,” Strange says.
Strange is also the founder of underwear subscription startup Three65, which he sold to focus his efforts on SPT.
He says that it’s crucial for founders to take all advice on board and then adapt it for them.
“Take advice from a lot of people,” Strange says.
“Entrepreneurs are pretty stubborn people generally, that’s why they’re doing what they’re doing, and they’ll put their own spin on it anyway.
“Take as much advice as you can and then put your spin on it to make it specific to you and your industry.”