Sportway Media Group, a fast-growing sports-tech and media company providing AI-automated sports coverage, announced it has raised SEK 70 million in funding to fuel continued expansion in new and existing markets.
The capital was provided from existing shareholders such as Jonas Persson, Daniel Franck and Stefan Glevén as well as new investors Fredrik Österberg and Fredrik Svederman. Fredrik Österberg cofounded the Swedish gaming company Evolution in 2006 and Fredrik Svederman was Evolution’s CFO until 2017. They both have a long track record of supporting tech-enabled businesses in disruptive markets.
The proceeds from the capital raise will be deployed towards continued investments in cameras and sports rights agreements as well as adding new capabilities to the Sportway platform. Through this capital raise, Sportway has secured a solid financial base to enable the future growth and expansion of the company.
“The addition of new capital will put Sportway in pole position to continue growing and win an even larger share of the rapidly expanding market for AI-produced sports content. We are very optimistic for the future and to continue to execute on our strategy and pipeline of already signed contracts.” – Daniel Franck, CEO
“The fact that Sportway secures funding in a very tough market environment is a vote of confidence from the existing shareholders as well as Fredrik Österberg and Fredrik Svederman. With the new capital, we are set to deliver on our highly set goals for more installations and growth in the years to come.” – Harald Strømme, Chairman
Due to continued investments in the tech-platform, the quality of Sportway’s live production is steadily increasing, and the company’s productions are also aired on traditional TV platforms. Top professional leagues in handball, football and ice hockey are now produced by Sportway’s AI technology. There is an increased demand from media companies and professional leagues to work with automated production. Also betting operators are enjoying the low latency feeds that Sportway can provide.
ABG Sundal Collier acted as financial advisor to Sportway Media Group in connection with the capital raise.
About Sportway Media Group
Sportway Media Group is a European leader in the fast-growing sports-tech industry providing AI-automated sports coverage with end-to-end live video production capabilities at a fraction of traditional production costs, targeting lower tiers and grassroots sports where demand is being unmet.
For further information or comment contact:
Daniel Franck (CEO): +46 70-8451262, daniel.franck@sportway.com
