Durham sports startup Teamworks gets $50M funding boost

Investors are betting big on a Triangle startup that provides software to sports teams — and among its supporters are several professional athletes.

• Durham’s Teamworks announced Tuesday it had raised $50 million from investors, including NBA legend David Robinson.

What's happening: Founded in 2006 by former Duke offensive lineman Zach Maurides, Teamworks runs a software platform that helps sports teams manage their players’ schedules, nutrition and even their online brand.

• The company employs about 150 people and expects that number to continue growing.
• Teamworks says it works with more than 4,000 college teams, 27 NFL teams and dozens of other professional clubs.

Why it matters: The startup's success with funding — along with others like JupiterOne to Epic Games — shows Triangle companies are still raising capital during a tough period for startups.

• Investors have become more pessimistic about private tech companies in recent months, as inflation and layoffs tick up, Axios' Dan Primack recently wrote.

What they're saying: "Completing this round of financing enables us to find, recruit, and fund the very best sport tech entrepreneurs to come build at and with Teamworks," Maurides said in a statement.