SURJ Sports Investments, the sports arm of Saudi Arabia’s Public Investment Fund (PIF), has today confirmed it has taken a stake in the Professional Triathletes Organisation (PTO) body.
This was done as part of the PTO’s Series C funding round, alongside founding investor Sir Michael Moritz, Cordillera Investment Partners, and Verance Capital.
SURJ, established in 2023, is understood to have invested around $20 million to make its first move into triathlon.
The firm also has investments in place with the Professional Fighters League and sports subscription platform DAZN.
The DAZN stake purchase was unveiled in late February, with SURJ taking over around 10% of the platform for $1 billion.
The PIF, meanwhile, also has a controlling stake in English soccer side Newcastle United and four top-tier Saudi soccer clubs.
Danny Townsend, CEO of SURJ Sports Investment, said: “The PTO is redefining endurance sport for modern audiences – blending elite racing with inclusive, mass participation formats, global storytelling, and community engagement.
“We’re proud to support this next phase of growth and to explore how the model can inspire more people across the region to get active. I saw the power of the platform first-hand at the 2024 finale in Dubai – and it’s clear the T100 Tour is just getting started.”
The PTO said the funding will “support its continued international growth at both elite and mass participation levels, plus innovation in race formats and long-term athlete and fan engagement.”
The investment will also be used to accelerate the PTO’s expansion into the MENA region, with Saudi Arabia a likely future host market for its flagship T100 Triathlon World Tour.
Today’s announcement follows a $10 million investment from Cordillera Investment Partners in March and builds on previous rounds led by Divergent Investments, Warner Bros. Discovery, and health-focused venture fund Eckuity, when the PTO announced a Series B funding round in December 2022.
The PTO was originally formed in 2014, with the agreement of a funding deal with venture capitalist Moritz in 2020 - the founding investor and one of the main factors behind its expansion and growth in recent years.
After leading the Series A round, Moritz has remained a key supporter through Series B and now Series C.
Sam Renouf, CEO of the PTO, stated: “We’re delighted to welcome SURJ and Verance Capital to the PTO investor family. This is a major milestone not only for us as an organisation, but for the broader vision of triathlon’s future.
“Our goal has always been to reimagine the sport for modern audiences and open up participation to athletes of all levels. With new partners like SURJ and Cordillera, we’re better equipped than ever to scale our ambitions globally. The momentum from our record-breaking Singapore event is just the beginning of what we hope to achieve in 2025 and beyond.”
In 2024, the PTO launched the T100 Triathlon World Tour, featuring the world’s top 20 female and top 20 male triathletes, as a joint venture with the World Triathlon governing body, with the inaugural edition held in Dubai last year.
The 2025 season has expanded to nine races, up from six last year, with its next event taking place in London, UK, next month. The campaign then runs through until a final race in Qatar in December.
Last year also saw the PTO appoint Oakvale Capital as a financial advisor to attract new investment and funding.
In April this year, meanwhile, Stuart Ramsey - previously of the Rugby Football Union governing body in England - joined the PTO as the body's first chief commercial officer.
