Platform combines competition management, live scoring and CRM
Funds to be used to upgrade platform, expand geographically, attract talent, etc.
WELLINGTON-based CricHQ Ltd said it has secured up to US$10 million of funding from Singapore-based private equity firm Tembusu Partners Pte Ltd.
The funds will be used to enhance its cricket digital platform and grow its global operations, the New Zealand company said in a statement.
Tembusu Partners manages over S$300 million (approximately US$223 million) and has a strong record in investing in high-growth enterprises, CricHQ said, adding that it will be the second investment by Tembusu Growth Fund III – which has a target size of S$150 million (approximately US$111 million).
“Tembusu’s investment enables CricHQ to expand significantly and achieve our growth targets,” said CricHQ founder and chief executive officer Simon Baker.
“CricHQ will benefit from Tembusu’s experience and network in Asia, and is based in Singapore – the ideal gateway to our key markets,” he added.
Forty-one of 106 national governing bodies for cricket have partnered with it to improve administration of the game in their jurisdictions from club level upwards, CricHQ claimed.
Cricket is the world’s second most popular sport, with an estimated global following of over three billion, it added.
Cricket administration previously consisted of paper-based, time-intensive methods of data collection. CricHQ aims to accomplish its mission of ‘Making Cricket Better’ for cricket stakeholders.
It said its digital platform combines integrated competition management, live scoring and customer relationship management (CRM) to solve the problem of data loss.
Its crowd-sourced and independently-validated data collection process allows fans to receive the benefit of the biggest and broadest range of cricket in the world, it added.
Products it has developed include smartphone and tablet cricket scoring apps, live scoring competition management software, as well as a cricket-themed social network.
With Tembusu Partner's investment, CricHQ will upgrade its platform to better serve clients and stakeholders, release new features for fans, expand geographically, and attract talent.
It will grow its global operations through senior appointments which are to be announced in India, the United Kingdom, South Africa and Pakistan in the coming weeks.
It will also expand its development, sales and marketing capabilities in India, showing further commitment to cricket's biggest market.
“Tembusu believes that CricHQ’s business model is highly scalable and it has a huge opportunity to become the world’s leading online repository of cricket information,” said Tembusu Partners founder and chairman Andy Lim.
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