Content creation platform Greenfly has brought in $14 million in venture capital funding in a round led by the ADdvantage sports technology investment firm, which has now closed.
There was also participation from Ryan Sports Ventures, Mercato Partners, and NBA Equity (the investment arm of the top-tier basketball league), as well as from existing investment partners Verance Capital, Iconica Partners, Alpha Edison, and Elysian Park Ventures.
Greenfly currently works with works with major sporting properties such as the the NBA, ice hockey’s NHL, baseball’s MLB, and women’s soccer's NWSL, and is headquartered in California, US. It works to aggregate, organize, and distribute short-form content for these properties across their ecosystem.
In November, the company agreed to a digital media distribution partnership with the Big Ten US collegiate athletic conference.
Daniel Kirschner, chief executive at Greenfly (founded in 2014) has said: “Last year was the fastest period of growth in our company’s almost ten-year history. This funding will help us continue to unlock powerful strategic relationships and give us the resources we need to supercharge our continued growth.”
Greenfly claims to have brought in over 40 partners during 2023, in addition to hiring multiple new members of a senior leadership team. These included a chief financial officer, and a chief revenue officer.
As well as this, last July the firm acquired Miro AI, the content-as-a-service platform that uses artificial intelligence (AI) and machine learning to deliver an analysis of sports content.
Jeremy Pressman, ADvantage’s founding partner, added: “Greenfly has solidified their standing as the core short-form content infrastructure in sports and media. Their technology is already propelling these industries forward and capitalizes on one of the biggest content opportunities since the advent of cable and the widespread sale of broadcast media rights. We are still in the early innings of effectively monetizing short-form content, and Greenfly is uniquely positioned to capitalize on this fundamental shift in consumption patterns globally.”
