Building on an investment earlier this year, in March, the Professional Triathletes Organisation (PTO) has completed a Series C funding round, led by SURJ Sports Investment (SURJ) and supported by Cordillera, Verance Capital and Sir Michael Moritz.
The funding (for an undisclosed amount) will support PTO’s international growth, innovation in race formats, and long-term athlete and fan engagement. It will also help accelerate PTO’s expansion into the MENA region, with Saudi Arabia a likely future host market for its flagship T100 Triathlon World Tour.
Danny Townsend, CEO of SURJ Sports Investment, said “The PTO is redefining endurance sport for modern audiences – blending elite racing with inclusive, mass participation formats, global storytelling and community engagement.
“We’re proud to support this next phase of growth and to explore how the model can inspire more people across the region to get active. I saw the power of the platform first-hand at the 2024 finale in Dubai – and it’s clear the T100 Tour is just getting started.”
SURJ Sports Investment was established in 2023 to develop sports in Saudi Arabia and beyond… ‘through strategic investments in leading rights holders and high-growth enablers across the global sports ecosystem.’
Sir Michael Moritz led the Series A round and has remained a key supporter through Series B and now Series C. Speaking to media following the T100 World Championship Final in Dubai last year – the culmination of the Tour’s first full season – he said “The reason for my original investment was simple.
“I thought triathlon was a niche sport that, with a dose of creativity and imagination along with the explosion of online video channels, could be transformed into a compelling spectator sport and a much more attractive proposition for everyday participants. The excitement that has built around T100 demonstrates that we’re well on the way to doing so.”
Verance Capital (Verance), led by sports industry veteran Lyle Ayes, has also joined the investment round, offering its experience across the North American sports landscape. Verance has invested across the sports and entertainment space since its launch in 2021, including in high-growth properties.
A Verance spokesperson said “We’re thrilled to partner with the PTO in this investment. We assess many emerging sports properties, but the global scale, dedicated base of athletes and premium competition gives T100 a unique edge in a dynamic endurance market. We’re excited to bring our skillset to the table to help them continue their remarkable growth.”
The latest announcement follows a US$10 million investment from Cordillera Investment Partners in March 2025 and builds on previous rounds led by Divergent Investments, Warner Bros Discovery, and health-focused venture fund Eckuity.
Sam Renouf, CEO of PTO, said “We’re delighted to welcome SURJ and Verance Capital to the PTO investor family. This is a major milestone not only for us as an organisation, but for the broader vision of triathlon’s future.
“Our goal has always been to reimagine the sport for modern audiences and open up participation to athletes of all levels. With new partners like SURJ and Verance, we’re better equipped than ever to scale our ambitions globally. The momentum from our record-breaking Singapore event is just the beginning of what we hope to achieve in 2025 and beyond.”
The Series C investment comes at a time of growth for PTO. In 2024, the organisation launched the T100 Triathlon World Tour, a reimagined endurance series featuring the world’s top 20 male and female triathletes, competing alongside amateur athletes in major global cities including Singapore, San Francisco, London, Ibiza, Lake Las Vegas, and Dubai.
In 2025, the T100 Tour has expanded from seven to nine races. It returned to Singapore (April 5-6), where 7,000 amateur participants took part in a mix of triathlon and duathlon events – as well as an untimed 5km music run designed to attract first-time participants.
Other races include San Francisco (May 31 to June 1), Vancouver (June 13-15), London (August 9-10), France (August 30-31), Valencia (September 20), Wollongong (October 18), Dubai (November 15-16) and Qatar (December 12-13), which will host the first Qatar T100 Triathlon World Championship Final as part of a new five-year partnership with Visit Qatar.
www.t100triathlon.com
www.protriathletes.org
www.surjsports.com
www.verancecap.com
