Solana Beach, California-based Hookit, a data-driven tech company, has raised $16 million in growth capital.
The funds will be used to further fuel its sports sponsorship analytics platform, which measures ROI for brands on athlete endorsements, events, and social media metrics.
The investment for the five-year-old company was led by Santa Monica, Califorinia-based growth equity firm Arrowroot Capital, which focuses on software-as-a-service (SaaS) and technology-based businesses. Other participants in the round included Bialla Ventures, Social Starts and existing private investors. According to the announcement from Hookit, “the additional funding will help Hookit continue to push the boundaries of new technologies in machine learning and predictive analytics to support and empower the sports industry.”
"Hookit has built a very powerful platform that is years ahead of the traditional media measurement companies." said Matthew Safaii, Managing Partner at Arrowroot Capital. "They have done a tremendous job attracting top tier clients in the soccer, motorsport and Olympic categories and we look forward to being a value-added partner to support their continued growth."
Hookit's current roster of key clients includes GoPro, Monster Energy, Sony, Vans, Asics, Major League Soccer, Canadian Olympic Team, World Surf League, FIS, NHRA, PGA European Tour, McLaren Honda F1, Speedway Motorsports Inc., BF Goodrich/Michelin, Liverpool FC, United States Ski and Snowboard Association and Feld Entertainment.
This year, more than $130B will be invested globally in sports sponsorship and related marketing activation. In years past, the value of sports sponsorship was broadly estimated based on assumptive, impression-based measurement of traditional media channels like television, print and radio. With the massive growth and shift to social and digital media, these modern channels demand modern methods to track engagement and sponsorship value with real-time, verified data and insights.
Hookit’s global marketplace effectively measures $5B per month of previously unknown sponsorship value that brands receive from athletes, teams, leagues, venues and events in social and digital media. Now actively tracking nearly 500,000 sports entities across the largest social and digital media platforms, Hookit has become a must-have tool for digitally-focused, forward-thinking companies like Major League Soccer, Soccer United Marketing, Canadian Olympic Team, Monster Energy, GoPro, McLaren Honda F1, Kantar Media, Liverpool FC, PGA European Tour and World Surf League, who use Hookit's platform to drive increased ROI on their sponsorships.
“Hookit's goal is to empower the industry, both buyers and sellers, to maximize sponsorship value in today's current media landscape, with unprecedented specificity," says Scott Tilton, Co-Founder and CEO of Hookit. "We have forged an amazing partnership with the Arrowroot team and the additional funding will help us deliver on our vision on a global scale."
Building on this momentum, Hookit will use the additional financing to continue expanding its global reach, accelerate innovation of its award winning, market-leading platform and grow its talented team to serve a growing list of major customers and partners worldwide.
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