Advantage Capital joins longtime investors Serra Ventures and Flyover Capital to maximize Name, Image and Likeness opportunities for 500,000+ college athletes.
Opendorse, the athlete marketplace and NIL company, has raised a $20 million funding round to maximize NIL opportunities for over 500,000 student-athletes. Investors include Flyover Capital, Serra Ventures, Advantage Capital, sports media personality and NFL veteran Will Compton, and former Formula One Managing Director Sean Bratches.
The company will use the capital to advance its NIL platforms to meet skyrocketing industry-wide demand. In addition to this week’s launch of Opendorse Clubs, the company will expand its market-leading NIL collective division and enhance offerings for schools and brands. The advanced technology and professional services will provide student-athletes nationwide with an all-in-one NIL solution to maximize opportunities and manage their personal business.
“The NIL industry is driving toward consolidation,” said Opendorse CEO Blake Lawrence. “Schools, collectives, and rights holders now know that a unified approach is the most effective path forward. With these parties working in concert, a $10 billion annual market is a reality. Opendorse raised this round to deliver the NIL connectivity that student-athletes and their supporting parties need to succeed.”
Launching Opendorse Clubs
The company recently launched the first officially licensed NIL clubs – the best way for college fans to support their favorite athletes and teams. A monthly subscription service, members receive behind-the-scenes program access with exclusive footage from practices, games, team events, and more. 100% of membership fees go directly toward supporting athletes. Illinois Men’s Basketball will be the first to launch with more programs to follow.
Expanding NIL Collectives Division
Recent NCAA guidance has increased demand from donor-led collectives to manage NIL efforts with Opendorse. The organizations use the platform as a one-app operating system, streamlining athlete communication and payments, while ensuring transactions are tracked to ensure NCAA compliance. Over 35 of the nation’s top collectives, with over $100 million committed to athlete compensation, are currently operating with Opendorse.
Consolidating NIL Solutions for Schools, Collectives, MMRs
The top-performing schools in college sports are unifying their NIL approach. Now, rather than looking to various technologies and service providers, athletic departments will provide student-athletes with a proven, singular solution for compensation, compliance, and education. School marketplaces, collectives, and multi-media rights holder-powered opportunities can now consolidate their operations with Opendorse technology and services. Additionally, schools will receive access to exclusive industry data and insights, providing an accurate portrait of NIL expectations.
Elevating Platform and Professional Services for Brands
Opendorse will continue to invest in delivering an unmatched marketplace and campaign service experience for brands and advertisers of all sizes. Advertisers including Amazon, Capital One, Champs Sports, Degree, Dunkin’ Donuts, EA Sports, Foot Locker, Hershey, Meta, Pepsi, Peacock, Snap, SoFi, sweetgreen, Toyota, Twitter currently use Opendorse to manage student-athlete campaigns from pitch to payment.
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