TitletownTech, a venture capital firm formed between the National Football League’s (NFL) Green Bay Packers and Microsoft, has announced fresh investment, taking it closer to its funding goal of US$25 million.
Jerry Jacobs Jr, owner of the National Hockey League’s (NHL) Boston Bruins, and Jeff Wilpon, chief operating officer of Major League Baseball (MLB) franchise the New York Mets, will sit on the TitletownTech advisory board as part of their investment deal.
Their total financial input has not been disclosed, but the Packers and Microsoft have each committed US$5 million to the venture fund so far, with local investors also expected to join.
With the involvement of both local and national investors, Titletown Tech will look to make further investment in high-growth startups aligned with industries from the north-eastern Wisconsin area.
The organisation has identified its five key markets for investment as sports, media and entertainment; digital health; agriculture, water and environment; advanced manufacturing; and supply chain technology.
As well as a cash boost, TitletownTech also confirmed Aaron Kennedy, founder and former chief executive of Noodles and Co, as it entrepreneur in residence. Former University of Wisconsin, Green Bay basketball player Cordero Barkley was named director of finance and investments.
The announcements were made during the official unveiling of the TitletownTech building, located in the Titletown District west of Lambeau Field.
The 46,000-square foot, two-story building with rooftop event space will include offices for Titletown District operations and Titletown Development, the Packers' real estate development business.
The Green Bay Packers president and chief executive, Mark Murphy, said: “Our plans for the future have sparked interest from a wide variety of interested investors and partners, and we are excited to move forward with great momentum as we work together on TitletownTech.”