Last month, Israel-based sports technology accelerator, Hype Sports Innovation, announced that it has signed a Cooperation Agreement with Somras Ventures.
Hype Sports Innovation is the largest ecosystem in sports innovation. With more than 40,000 members from brands, sports clubs, federations, and academia, together with more than 11,000 startups, Hype has an unmatched outreach for global companies in this field.
On the other hand, Somras Ventures founded by an INSEAD alumnus, is bringing in cutting edge technology in the fields of sports and consumer products. Its primary focus is to attract investment and technology to serve the billion strong consumers of the Indian Subcontinent.
An effectual partnership between the two will integrate into Hype’s global accelerator network and contribute to the evolution and growth of the Indian sports technology ecosystem. With over 30 fundraising rounds now complete and success stories like Batfast and Digifood under its belt, the Hype Spin Accelerator network participants have the opportunity to interact with industry dignitaries such as Bernd Wahler, Chairman and former CMO Adidas, Guy Laurent Epstein, Marketing Director at UEFA and Uli Becker, Ex. President and CEO of Reebok, Founder and CEO Beckerei LLC among many others.
Ilan Hadar, CEO of Hype, said in a press statement, “Hype is delighted to add Somras Ventures as a partner. India is one of the most sports impassioned countries and a global hub for technology. If we look at the most popular game in India for example—this year for the first time at a Cricket World Cup we saw multiple forms of technology that had a major influence on the game and it’s spectators—360-degree replays, player position dimensions, just to name a few. These are merely a handful of sport tech innovations which are changing the way we play and relate to the game of cricket. What’s most exciting is the passion of startups on a global basis to innovate. We see young entrepreneurs in every corner of the globe innovating as well as trying to improve on-field performance and fan engagement in sports that are close to their hearts.”
Surya Phadke, Managing Director of Somras Ventures said, “Hype’s team has demonstrated tremendous capability in identifying young companies with potential. They have replicated this with New York University (NYU), The University of Queensland and football clubs such as 1.FC Köln and Maccabi Haifa FC. A first-of-its-kind accelerator will be beneficial for young Indians and will give them exposure to markets, investment opportunities and knowledge to help them scale rapidly.”