Kitman Labs Tops Up With $5.1m

19 Nov 2019 | 09.04 am

Kitman Labs Tops Up With $5.1m

American backers keep faith with sports performance venture

19 Nov 2019 | 09.04 am

Kitman Labs has tapped shareholders for $5.1m after booking a loss of €3.3m in 2018, bringing accumulated losses to €13m.

The lead investors in the latest funding round are Pete Kight ($2.5m) and Menlo Park investor BRV V, LP ($2m). They originally came on board in October 2018 with investments of $1.75m each.

Kitman Labs’ annual filing for 2018 discloses that the company raised €7.7m in additional equity through 2018, bringing total capital funding to €15.6m. Trade debtors at end 2018 amounted to €51,000.

Pete Kight was involved with CheckFree, which was acquired by Fiserv for $4.4bn.

Kitman Labs, led by CEO Stephen Smith, helps sports teams measure and optimise athlete performance. For example, the company markets what is billed as the sector’s only outcome-driven analytics that links training to on field performance and injury.

The product offering also spans electronic medical records data collection to provide more granularity and context in relation to athlete health data to improve injury surveillance research and analytics.

Smith (pictured) commented last year: “The requirements for how teams use their data to achieve success h7ave changed, and the market feedback on our latest solutions has been tremendous. We are the only company focused on what matters – the goals, plan and outcomes that teams want.

“We are the only company focused on answering teams’ hardest questions about performance and health. The teams we partner with are reducing injuries by 30-50%, increasing performance and finishing higher in the table, and winning championships.”

The October 2019 funding round saw five Irish investors each chip in $125,000: Paddy Kennedy, Stewart Kenny, Andrew Algeo, Padraig O Riordain and Oisin O’Buachalla.


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