Robert Brown, managing partner of MVP Capital Partners said
“We view Golf Genius Software as a proven innovator and market leader, with a strong management team and an exciting vision.”
Two years ago I had a guess regarding who will acquire Golf Genius. I was thinking at that time that either Jonas Software or a golf club management company will acquire the company.
Rory McIlroy said
I want to help the timeless game of golf transition into the digital era. Innovation is vital to the future of the game and Golf Genius is the market leader in competition software, making golf more fun for golfers of all ages.
McIlroy is the principal of Symphony Ventures, based in Dublin, Ireland, which joined with MVP Capital of Radnor, PA to participate equally in the multi-million dollar round of equity financing, which closed on May 20.
The meaning of 1st institutional round of equity funding
To better understand the importance of this investment it is good to know what is ‘1st institutional round of equity funding’.
On Questfusion I found a great definition of it:
“Typical Series A rounds range from $3,000,000 to $5,000,000, but can be as high as $8,000,000 to $10,000,000. Series A investors typically get 25 to 35% of the company, but it can be as high as 50% or as small as 10 to 15 percent, depending on the market opportunity and the uniqueness and value of the solution you’re providing to the market.”
Unfortunately the parties have not disclosed the exact amount/size of the investment.
Rory McIlroy investment in GOLFPASS
This was not the first time that Rory McIlroy invested in a golf-related service.
Last year together with the NBC Sports Group they launched GOLFPASS, a first-of-its-kind, direct-to-consumer subscription program, which offers opportunities to play more golf, comprehensive tools to improve any golfer’s game; high-quality video content; and enhanced shopping and travel experiences.