Dick’s Sporting Goods Launches $50M VC Fund
Dick’s Sporting Goods has launched a $50 million venture capital fund for companies that focus on athletes and their communities.
“In many cases, the fund will seek to help these companies grow by providing them with support and resources that go far beyond capital and include what makes DICK’S unique: distribution reach, industry-leading expertise in retail, operational excellence, and relationship with athletes,” the retailer said in a news release Thursday (Nov. 3).
Among the initial investments by DSG Ventures are Moolah Kicks, which Dick’s describes as the first and only women’s basketball footwear brand “built by and for female ballers,” and SidelineSwap, the world’s largest online sporting goods marketplace.
In addition, DSG Ventures is working with innovation advisory VentureFuel on a retail innovation program to identify startups to work with DICK’S Sporting Goods on a pilot program to enhance consumer experience areas such as eCommerce and AI.
“DICK’S would not be what it is today without the support we received along the way from others who saw our company’s potential,” said Ed Stack, the company’s chairman. “Now DSG Ventures will enable us to give back and help support entrepreneurs achieve their dreams through our connections, experience and support.”
The first nine months of this year saw investors contribute more to venture funds than all of 2021, PYMNTS noted recently.
Venture funds received a record $151 billion in investments between January and the end of September this year, compared to $147 billion in all of 2021, according to quarterly data from PitchBook and the National Venture Capital Association.
Although the $43 billion invested in venture capital deals in the latest quarter is 52% less than the same period last year, it’s still more than any three-month period before COVID-19 took hold, except for the fourth quarter of 2018, according to PitchBook data.