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19 Apr 2018
Cryptocurrency-based crowdfunding platform launched for sports industry
BY
Tom Walker
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SportyCo is among the first crowdfunding platforms to use cryptocurrency
photo: SportyCo
A crowdfunding platform, based on transactions in cryptocurrency, is aiming to offer sports organisations, clubs and individual athletes an alternative way to raise investments and sponsorship. SportyCo will look to match organisations with those happy to make long-term investments and the new platform is among the firsts to combine crowdfunding with a cryptocurrency.
In a statement, a spokesperson for the company said: "We are introducing a brand new industry of sports crowd micro-financing.
"Until SportyCo, only major conglomerates, corporations, and people commanding extensive amounts of capital were able to participate in the sports financing industry.
"SportyCo will turn the tables in this regard, giving the power of sports financing to the public – the fans and small investors.
"Each individual will have the opportunity to directly support an athlete or club of their choice, reaping the rewards of their success.
"In addition to simple donations, smart investment contracts will allow fans and sports enthusiasts to invest directly into athletes, clubs, or other sports organizations, with the aim of possible future returns."
The platform will have two main modules: a cryptocurrency-based donations platform and a cryptocurrency financial reward-based platform.
The reward-based platform will offer athletes and sports organisations funding in return for a share of future profits.
Each crowdfunding campaign on SportyCo's platform will be listed in SPF Tokens – SportyCo's own cryptocurrency. The tokens will also be used to purchase additional services that SportyCo will provide to athletes, sports clubs, investors, and other participants in the ecosystem.
SPF Tokens can currently be purchased on a number of cryptocurrency exchanges – including HitBTC, Livecoin, OKEx and ChaoEX.
SportyCo was founded by three entrepreneurs – Marko Filej, Simon Zgavec and Tomas Cepon.
Filej is founder of the online fitness service OnlineGym4me.com, which he launched in partnership with tennis star Ana Ivanovic. Zgavec is a practicing lawyer and Cepon has a sales background.
SportyCo's top team also includes American TV personality and entrepreneur Kevin Harrington, one of the original “sharks” on the popular US TV show Shark Tank, who has joined the venture as business advisor.
Filej said: "At SportyCo, we believe that every promising athlete deserves the opportunity to pursue their professional career and every small investor should be able to back an athlete they believe in.
"Unfortunately, professional sport today has a high entry barrier – both for athletes and small investors. Especially up-and-coming athletes at the outset of their professional careers face a lot of issues related to funding their training and participation in events across the globe.
"Also, many sports clubs and other sports organizations deal with severe financial and liquidity issues."
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