Led by private equity fund Divergent Investments, the Professional Triathletes Organisation (PTO) has completed a Series B funding round, according to a release from the organization today. Michael Moritz, the majority investor in the PTO, along with Warner Bros. Discovery also invested.
In January the PTO will announce the dates and locations of its Tour events in 2023, which will expand to five races – PTO Open races will be added in Europe and Asia (to go along with Canada and the US), along with the Collins Cup.
“As an athlete-owned body, the Professional Triathletes Organisation represents the ideal investment into an “emotional asset” which aims at inspiring people to believe and give the best of themselves,” said Francis Bento, founder and CEO of Divergent Investments. “It enables Divergent to stand shoulder-to-shoulder with superhuman endurance athletes who are on a mission to take their sport to the next level – both professionally and commercially. A mission that is totally aligned with Divergent’s investment philosophy of ‘profit with purpose.’ We are thrilled to be working with such a high quality management team who understands and embraces our value creation strategy.”
Earlier this year Warner Bros. Discovery signed a multi-year broadcast partnership with the PTO.
“We have seen the potential of the PTO Tour and the benefits we can bring the sport first hand since our media rights relationship began in 2021, expanding this year to present the first year of the Tour on our channels and platforms across Europe,” said Andrew Georgiou, president and managing director of Warner Bros. Discovery Sports Europe. “Triathletes have some of the most compelling stories in sport, so we are excited by the opportunity to provide them with an even greater platform and chance to connect with today’s fans and new, broader audiences into the future.”
“The successful raise is further validation of the PTO’s athlete-led model and broadcast and content-led strategy,” said PTO Chairman Chris Kermode. “Our multi-year broadcast agreement with Warner Bros. Discovery was a significant milestone when we announced it in July , and their decision to become a first-time strategic investor in the PTO is testament to the longer term opportunity of growing and commercializing Triathlon. There is still much to do; we are only at the start of our journey, but I am confident that we are on the right path. This is an exciting opportunity to modernise a sport and give these ultimate endurance athletes the opportunity to showcase their extraordinary talents, while being rewarded appropriately.”