HookIt announced it has raised $16 million in financing. Four investors participated in the funding, among them Arrowroot Capital, Bialla Venture Partners, and Social Starts.
Hookit’s mission is to be a leading sponsorship analytics and valuation platform for sports. The company helps brands maximize their sponsorship investments, while empowering athletes, teams, leagues, and federations to prove and increase their value to sponsors.
Hookit developed a way of measuring the $5 billion per month of previously unknown sponsorship value that brands receive from athletes, teams, leagues, venues, and events in social and digital media. The company now actively tracks nearly 500,000 sports entities across social and digital media platforms, and it plans to become a must-have tool for digitally-focused sports organizations and companies, such as Major League Soccer, Soccer United Marketing, Canadian Olympic Team, Monster Energy, GoPro, McLaren Honda F1, Kantar Media, Liverpool FC, PGA European Tour, and World Surf League — all of whom, according to Hookit, use the company’s platform to drive increased ROI on their sponsorships.
The company revealed that the additional funding will help Hookit continue to “push the boundaries of new technologies in machine learning and predictive analytics to support and empower the sports industry.”