13 May Leading sports tech VC firm KB Partners launches $100 million Fund II
CHICAGO – May 13, 2021 – After an early 2021 launch, KB Partners has closed on $64 million toward its $100 million fundraising goal for its KB Myriad Opportunity Fund II. As with its 2018 vintage Myriad Opportunity Fund I, KB Partners will continue to invest in early-stage companies at the intersection of sports and technology. KB Myriad Opportunity Fund I has made 16 investments in companies across the sports landscape, including Hammerhead, Streamlayer, Pickup and Asensei. Founder and CEO Keith Bank has been an early-stage VC investor for 26 years and has been instrumental in the growth of the Chicago tech economy. “We are super excited about our first closing on Fund II and the incredible group of advisors and LP’s we have assembled who will be instrumental in our success”, said Bank.
In conjunction with Fund II, John Garabedian has joined the firm as a General Partner after serving as a Venture Partner and investor in Fund I. He joins KB Partners after a long and successful career as a Senior Partner at Boston Consulting Group, where he headed the North American financial services practice for many years and also helped lead a growth strategy for a major US sports league. Garabedian noted, “We are in the real early innings of the explosion of all things sports and tech, much like where fintech was 10-15 years ago, and I wanted to be front and center for all of the action. I could not have found a more advantaged platform or more respected firm than KB Partners, and I am extremely excited to contribute to our growth as the leading firm in the space”.
Along with the addition of Garabedian, Steve Ahern and Lance Dietz have been promoted to Partner. Ahern and Dietz have been instrumental in the early success of KB’s Myriad Opportunity Fund I and have led investments across the firm’s core focus areas.
Joining KB Partners as investors and Advisory Board members for Fund II are sports and tech luminaries Chip Brewer, CEO of Callaway Golf; Elton Brand, long time NBA star and Philadelphia 76ers GM; Curtis Martin, NFL Hall of Fame running back; Mary Owen, former Senior executive with the Buffalo Bills; Sara Slane, former MGM executive and sports betting expert; Di Wilkins, Chair of digital media pioneer Critical Mass; Mark Kaufman, Athletico founder and Chairman; Josh Pyatt, WME Co Head of Sports; John Rogers, Chairman and co-CEO of Ariel Investments; Steve Byrd, Head of Global Partnerships at Sportradar; Cliff Grevler, BCG co-lead of Global Sports Practice; Vaughn Moore, CEO of AIT Worldwide Logistics; Reggie Love, Apollo Senior Advisor and former Personal Aide to President Barack Obama; Sami Elsaden, Chairman of Full Swing Golf; Shawn Spieth, Chairman of MVPIndex; and Joe Vrankin, CEO of Puttshack.
About KB Partners
KB Partners is a suburban Chicago based early-stage venture capital investor that focuses on investing in companies at the intersection of sports and technology. It is currently making investments out of its KB Partners Myriad Opportunity Funds I and II.
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