AUSTIN, Texas, June 26, 2023 /PRNewswire/ — MVP Index, the leading sponsorship measurement and valuation platform, today announced a $20 million Series B capital raise to accelerate the growth of its best-in-class product suite. Verance Capital, a prominent New York-based growth investment firm focused on sports, media, and live entertainment, led the round, demonstrating confidence in MVP’s vision, capabilities, and growth potential. MVP will utilize the capital raised to fuel the company’s expansion plans, accelerate product innovation, and strengthen its sales and marketing efforts.
With global brands spending more than $100 billion annually on rights, entitlements, media-visible signage, and branded content, the industry is becoming increasingly aware of the measurement gap preventing data-driven decision-making from playing the lead role in the partnership management process. MVP has established itself as a trusted currency for the world’s largest brands, agencies, leagues, properties, and rights holders, effectively becoming a clearinghouse to validate branded asset performance using a fully transparent valuation methodology.
“Audiences today have more control than ever before over the content they consume, and you’d be hard-pressed to find someone who wants more advertising inserted into that experience. As traditional ad vehicles continue to decrease in effectiveness, all roads in the quest for consistent, large-scale, attentive audiences lead to sports where the most impactful inventory isn’t adjacent to the game, it’s integrated into the game, which is exactly what we’re built to measure,” said Brian Foley, MVP’s Chief Executive Officer. “We are thrilled to add an experienced industry partner in Verance. Their investment not only acknowledges the remarkable work our team has accomplished but also validates our strategic approach to this market, and we look forward to their collaboration as we embark on the next chapter of our story.”
MVP has experienced rapid growth and achieved several significant milestones over the past three years. The company’s technology and methodology have gained widespread recognition for accurately measuring and valuing sponsored assets across broadcast, streaming, social media, audio, and experiential activations. In 2022, the company developed, launched, and patented its own computer vision technology, which represents the only solution in the market that is purpose-built to track and measure at the asset level. This powerful new approach allows MVP to deliver the most accurate and comprehensive sponsorship valuations to an industry that has failed to evolve beyond substandard systems that solely rely on antiquated logo-detection technology.
Verance’s investment in MVP reflects the firm’s commitment to supporting innovative sports, media, and live entertainment companies that are at the forefront of their industries. “Live sports represent a growing, attractive market for brand advertising dollars, and MVP’s technology brings a transparent, accurate, and cutting-edge system of measurement to the business of sports and entertainment,” said Jeremy Hoffman, Principal at Verance Capital. “We believe MVP’s computer vision software solutions will continue to support leading Fortune 500 brands, sports properties, and agencies in their mission to transform the industry.”
Verance joins Align Capital, MVP’s longstanding partner, and a roster of existing investors that includes current and former professional athletes, ownership groups and front office executives.
About MVP Index: Headquartered in Austin, Texas, MVP is the leading omnichannel sponsorship measurement and valuation platform across Sports and Entertainment. Their roster of partners includes Fortune 500 brands such as Amazon, Apple/Beats by Dre, Ally Financial, and Ford, as well as the trusted currency for the world’s top leagues and properties like the NHL, PGA TOUR, Dallas Cowboys, and Fenway Sports Group. For more information, visit www.mvpindex.com.
About Verance Capital: Verance Capital is a growth investment firm focused on sports, media, and live entertainment, including the technology and software that power these sectors. Verance takes a flexible and long-term approach to investing, leveraging industry expertise and an expansive global network to drive success for its partners. For more information, visit www.verancecap.com.
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SOURCE MVPindex
