MINNEAPOLIS, MN -- (Marketwired) -- 04/02/13 -- TST Media, Inc., a leading provider of web and mobile-based software solutions for youth, amateur and professional sports organizations, today announced it has closed a $6 million round of Series C financing led by existing Series B investor Silicon Valley-based venture capital firm El Dorado Ventures. With the strategic investment, the company has raised over $10 million in funding since its launch in 2008.
TST Media also announced today it has completed a corporate brand consolidation under which the company will now be known and conduct business as Sport Ngin (pronounced "sport engine"), the same brand as its core software platform that is now powering the online presence of more than 100,000 sports teams, leagues, clubs, associations, tournaments, facilities and businesses worldwide. The company's revenue has surged 100 percent year-over-year for the past four consecutive fiscal years, and as a result, its staff has expanded to nearly 120 full-time employees.
"This investment underscores our progress, hard work, and many successes to date, and validates the widespread adoption of Sport Ngin by thousands of sports organizations," said Justin Kaufenberg, co-founder and chief executive officer of Sport Ngin. "Our proven solution saves customers time and money in managing their teams and organizations through powerful administrative, financial and reporting capabilities. Additionally, it allows organizations to connect with their communities of players, parents, fans and sponsors, through branded web site and mobile apps. This capital infusion will enable us to further grow our market presence, and to expand and enhance the functionality of Sport Ngin."
The company will use the cash injection to accelerate its product development, marketing and sales efforts in North America, and to finance the potential acquisition of complementary services and technologies that can expand Sport Ngin's market presence and enhance its offerings. One year ago, Sport Ngin successfully acquired the Wisconsin Sports Network from TDS Telecom.
"Our further investment in Sport Ngin reflects our confidence in the company's technology and senior management team, and in its impressive performance over the past several years," said Jeff Hinck, general partner of El Dorado Ventures, and a member of Sport Ngin's board of directors. "We believe Sport Ngin is well positioned in a growing, fragmented marketplace. As sports continues to play such a prominent societal and cultural role in our communities, Sport Ngin will become an increasingly important conduit for people to stay connected with the local sports entities which matter most to them."
About Sport Ngin
Formerly TST Media, Sport Ngin is a leading provider of web software and mobile applications for youth, amateur and professional sports. Powering more than 100,000 sports teams, leagues, clubs, and associations, Sport Ngin features a complete suite of easy-to-use tools that help sports organizations manage, connect, and communicate with a diverse range of stakeholders including athletes, parents, administrators, coaches, referees, scouts, volunteers, fans, journalists, and sponsors. Founded in 2008, Sport Ngin is based in Minneapolis, Minn. For more information, please visit www.sportngin.com; like the company on Facebook at Facebook.com/SportNgin; or follow Sport Ngin on Twitter at @sportngin.
About El Dorado Ventures
Headquartered in the heart of Silicon Valley in Menlo Park, Calif., with offices in Minnetonka, Minn., El Dorado Ventures is a leading entrepreneur-focused, early-stage venture capital firm with over two decades of proven success investing in technology concerns. Entrepreneurs regarding the firm as a trusted investment partner which shares their visions, and helps them succeed by providing ongoing strategic guidance and access to industry contacts. With $750 million in capital under management, El Dorado Ventures invests in disruptive technologies and business models in emerging and high-growth markets, including the software-as-a-service (SaaS), cloud computing, communications and networking, and clean technology domains. The firm's early-stage investments include equity stakes in Compellent Technologies, Cyras Systems, EarthLink, Efficient Networks, Novellus, and NuSpeed Internet Systems. Many El Dorado Ventures portfolio companies have gone public, or have been acquired by such major technology brands as AT&T, Cisco Systems, Dell, nVidia, SAP, Siemens, Texas Instruments and Yahoo. For more information, please visit www.eldorado.com, or follow the firm on Twitter at @eldoradovc.
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Keith R. Pillow
For TST Media/Sport Ngin
(805) 389-1815 Office
(805) 217-4708 Mobile
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