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Tembusu Partners invests US$10m in cricket digital platform CricHQ
SINGAPORE private equity firm Tembusu Partners has invested some US$10 million in Wellington-based CricHQ, a digital platform that facilitates cricket management from administration and live scoring to coaching and news.
CricHQ marks the second investment by the Tembusu Growth Fund III, which has a target size of S$150 million, Tembusu Partners and CricHQ said in a joint statement on Tuesday.
With this latest funding, CricHQ will upgrade its platform to better serve clients and stakeholders, introduce new features for fans, and grow its global operations through senior appointments which are to be announced in India, the UK, South Africa and Pakistan in the coming weeks.
It will also expand its development, sales and marketing capabilities in India, showing further commitment to cricket's biggest market, said Tembusu Partners and CricHQ.
Cricket is the world's second most popular sport, with an estimated global following of over three billion; 41 of 106 national governing bodies for cricket have partnered with CricHQ, according to both parties.
Said Andy Lim, founder and chairman of Tembusu Partners: "Tembusu believes that CricHQ's business model is highly scalable and has a huge opportunity to become the world's leading online repository of cricket information. We are proud to partner CricHQ in its exciting growth journey."
Since its founding in 2010, the firm has raised some US$11.2 million in venture capital from angel investors.