Innovative Belfast-based sports technology company TeamFeePay has closed a £9m equity funding round which will be used to help the business expand into new markets and fuel a significant recruitment drive.
TeamFeePay was founded in 2021 by Liam McStravick, who has been involved in grassroots coaching at clubs such as Cliftonville, Linfield and Ballyclare for over 20 years, when he realised that time spent on administration such as collecting fees from players before training was taking valuable time away from coaching.
The company developed a software platform that helps grassroots football coaches and clubs to plan fixtures, training sessions and events, track attendance and manage admin tasks, enabling coaches to keep teams organised but stay focused on coaching.
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TeamFeePay, which currently supports over 1,500 clubs and almost 300,000 users, will use the new investment to accelerate growth across the UK, enable further expansion into Europe and fund new product development.
This growth strategy includes plans to create 75 new jobs over the next two years across the UK and Europe, in sales, marketing and product development roles.
The £9m funding round has been led by a £4.5m investment from YFM Equity Partners and a £3m investment by the Investment Fund for Northern Ireland (IFNI) equity fund, managed by Clarendon Fund Managers. The round also includes an £800,000 investment from Techstart and £700,000 from private investors.
Liam McStravick, CEO and Co-Founder of TeamFeePay said: “It is fantastic to have new investors coming on board to help us on our mission to transform the business end of grassroots football across the UK, Ireland and across Europe by offering a better way to reduce administration and increase club income. Over the next two years we will be putting more boots on the ground, investing in new technology and continuing to improve the service and club development support our expert team provides.
“We’ve been recognised as one of Ireland’s fastest growing companies in the Deloitte Fast 50 and as we look forward to TeamFeePay’s next phase of growth I’d like to thank our people, investors, shareholders and customers for supporting us as we’ve developed unique software that is helping empower clubs to thrive on and off the pitch.”
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Mike Clarke, Partner at YFM Equity Partners, said: “We are excited to make this £4.5m growth investment into TeamFeePay, to help an innovative company scale and move into new markets while enhancing the service it offers to existing customers. This investment is further evidence of YFM’s commitment to supporting ambitious businesses in Northern Ireland. YFM has a strong track record of investment in tech-enabled SMEs with high growth potential in all regions of the UK and we look forward to supporting TeamFeePay.”
Stuart Gaffikin, Investment Director at Clarendon Fund Managers said: “We’re delighted to continue backing TeamFeePay with funding from the Investment Fund for Northern Ireland as they enter an exciting new phase of growth. This investment will help Liam and his team to expand into new markets and scale the business internationally. TeamFeePay has built a strong, mission-driven team with a deep commitment to grassroots sport, and we are confident they will continue to develop innovative solutions that help clubs of all sizes across the UK, Ireland and beyond to thrive.”
The £70m IFNI was launched by The British Business Bank to tackle an identified funding gap, with the aim of driving sustainable economic growth by supporting innovation and creating opportunities for new and scaling businesses in all sectors. Clarendon Fund Managers manages IFNI’s £40m equity fund.
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