VPAR intends to grow its smartphone golf-scoring app that replaces traditional scorecards and has a GPS tracking system. Its live-scoring service enables golfers to check their standings on a life leaderboard on the course, in clubhouses and online.
The Richmond-based startup VPAR already has more than 200,000 users, growing at more than 4,000 a week during the golf season. The platform is backed by tennis player Andy Murray and Niall Horan from One Direction. The platform initially started as a live scoring system for golf tournaments including the PGA Tour but now targets amateurs. The app is free but will generate revenues from sponsorship, premium subscriptions and advertising.
‘We have a B2B arm – that’s what pays the bills. But the investor story and the exit story is definitely the app,’ says co-founder and chief executive Jason Stoop. VPAR runs thousands of tournaments across 22 countries and supplies live scoring to some of the most recognized brands and world-renowned golf courses.
‘Using unique handheld scorepads, players can track their progress through live leaaerboards, enabling them to check out the competition, plan their strategy and see what’s happening elsewhere on the course, as the game unfolds.’
‘Spectators can even browse the scores live online, as well as viewing information and statistics before, during and after the event. Engaging an online audience creates further exposure, extending the reach of the event and adding value to sponsors. ’
The startup is selling 9.3% of the equity.
March 2017