The National Cycling League (NCL) has closed its US$7.5 million seed financing – with the amount raised seen as one of the largest private investments in US professional cycling.
‘This oversubscribed round was led by Will Ventures and included Founder Collective, Collab Capital, Impellent Ventures, Bradley Beal (Washington Wizards), Jalen Ramsey (Los Angeles Rams), Derwin James (Los Angeles Chargers), Kevin Byard (Tennessee Titans), Casey Hayward (Atlanta Falcons), Michele Roberts (former Executive Director, NBA Players Association), Rachel Lindsay (media personality and attorney) and Emmanuel Acho (NFL analyst, Fox Sports 1).’
Paris Wallace, CEO of the NCL, said “The investment will accelerate the launch of the NCL Crit Racing Tour and two new co-ed professional cycling teams.
“The inaugural 2023 season will consist of four criterium races through the most iconic streets of our four major partner cities: Miami Beach, Atlanta, Denver, and Washington DC. In addition, we will field two, co-ed city-based teams, bringing together world-class domestic and international racing talent; the goal is for our teams to instantly become the top teams in US pro racing next year.”
Bradley Beal, three-time NBA All-Star, said “I am honoured to join this high calibre group of investors. I get the vision of the NCL and see its potential to revolutionize the world for cycling enthusiasts, sports fans, and future generations of boys and girls, all of whom can look up to our diverse slate of owners and commitment to social good, and participate in the sport with pride.”
Isaiah Kacyvenski, former NFL linebacker and co-founder of Will Ventures, said “We have looked at other leagues, including ones in cycling, but the NCL was the first with the team, the plan and the values to win the space, while building a venture scalable business model.
“We also fully recognize the importance, power and necessity of a majority-minority and female-owned sports league.”
American media personality and attorney, Rachel Lindsay added “I had to be part of this! For the first time in professional sports, men and women will compete on the same team, on the same course, in a way that respects their differences yet weighs their performances and values their contributions equally.”
The funding round will also support the development of the NCL’s technology platform, which will deliver interactive access to pro athlete biometric and performance data for consumer applications in real time.
“Building a new sports league from scratch is among the most ambitious entrepreneurial projects possible,” said Eric Paley, General Partner at Founder Collective. “There aren’t many founders I’d be willing to back in building a start-up like this, but Paris’ ability to transform markets using technology and his guiding vision for a more equitable and entertaining league were impossible to resist.”
