Michael Jordan has invested in a VC firm aiming to align itself with multiple unicorns.
Sportico reports that Jordan has invested an undisclosed amount in the fourth fund of Courtside Ventures, a firm focused on the sectors of sports, media, entertainment, technology, and gaming. According to Crunchbase, the firm was founded by Deepen Parikh and Vasu Kulkarni.
With over $200 million in assets under management, Courtside Ventures’ portfolio includes companies such as Veo (hardware and software subscription); Winzo (social gaming); The Athletic (sports media brand); and Betty (social casino platform), among others.
“When we started Courtside in 2016, we did so out of desperate market need,” a statement from Courtside Ventures’ blog post reads. “Not only was there no venture fund that focused on sports, but existing VCs would run to the hills every time they saw a sports deal. This left entrepreneurs constantly having to look for alternate sources of funding, mostly from the very people that we call LPs today. Fast forward 7 years, and through 3 early stage funds, over 100 investments, and $200M+ in AUM, Courtside has proved the thesis that venture returns can be achieved in sports and associated categories.”
Reflecting on the growth within their focus sectors, the company also highlighted its interest in investing in companies with the potential to achieve unicorn status — a valuation of $1 billion or more.
“There have already been numerous billion dollar plus companies created across these verticals, and we have no doubt that there will continue to be large outcomes in the years to come,” the company also noted on the blog post. “We look forward to being in the Seed round of as many of those unicorns as possible.”
Jordan now appears to align himself with Courtside Ventures, further demonstrating his passion for sports. Beyond his legacy as one of the NBA’s greatest players of all time, he was the former owner of the Charlotte Hornets, selling his stake in 2023 for an impressive $3 billion to a group led by Gabe Plotkin and Rick Schnall. Since 2020, he has also co-owned NASCAR team 23XI Racing alongside driver Denny Hamlin, as AFROTECH™ previously shared.
Now as an investor in Courtside Ventures, he has reportedly contributed to its fourth fund, which seeks to raise $100 million, per Sportico. Across its previous three funds, the firm had raised $190 million.
