Today it was confirmed that our team at MarketPryce, an online marketplace that empowers professional and student-athletes to connect with brands for marketing deals, closed a $3 million seed round. This funding will help meet the increased demand for sponsorship facilitation in the wake of July 1, 2021, the date when 500,000 student-athletes became eligible to profit from their name, image, and likeness (NIL) overnight.
“We’re thankful that there was lots of interest in this round as investors were really intrigued by this new NIL market,” said CEO Jason Bergman. “We believe there are massive network effects for this new market, which should lead to a winner-take-most dynamic, and we’re raising $3M to make sure we are the company who comes out on top.”
In the first month of this new era, MarketPryce has already seen promise in the student-athlete space and signed up hundreds of student-athletes, 93% of whom have already connected with at least one brand during their time on the site and over 50% for female student-athletes. In July 2021 alone, 40 brands sent marketing deals to student-athletes on MarketPryce and one female student-athlete was able to secure a paid opportunity within just three minutes of signing up for the site.
Less than a year after our launch, we are so proud of this progress. Tens of thousands of messages, applications, and deals have already been sent through MarketPryce. This round of funding will grow our technology and multiply that number significantly. It will also accelerate our position as a market leader in the athlete marketing space and allow us to continue building out its tech, sales, account management, and marketing team. In addition, we also will be releasing our mobile app.
“The potential for growth in this space is groundbreaking,” Bergman said. “In just seven months of operation, we’ve already established ourselves as a major player in the athlete marketing world and we know we’re still just getting started.”