Sports Tech Company Backed by Idea Fund and Groove Capital to Drive NIL Growth and Innovation

MINNEAPOLIS, Minn. - (NewMediaWire) - October 1, 2024 - Roy, a cutting-edge sports tech company reshaping the Name, Image, and Likeness (NIL) landscape, is excited to announce the successful completion of a $2 million seed funding round. This round was led by the Idea Fund of La Crosse and Groove Capital, two premier investors in early-stage technology ventures.

Roy's platform allows fans to make payments to support specific college athletes of their choice, empowering athletes to capitalize on their NIL potential while fostering deeper loyalty to their teams. This new funding will be used to accelerate Roy’s development, expand its offerings, and strengthen fan engagement across college sports.

"We are thrilled to have the backing of Idea Fund and Groove Capital," said Cale Johnston, Founder & CEO of Roy. "This investment validates our vision for creating a transparent, fan-powered marketplace that benefits both athletes and supporters alike. It will allow us to scale Roy, expand our features, and continue innovating in the fast-growing NIL sector."

The Idea Fund of La Crosse, based in La Crosse, WI, specializes in investing in pre-revenue and early-stage technology companies. They are committed to nurturing startups with high growth potential.

"Cale has an exceptional eye for uncovering untapped opportunities and creating new markets," said Jonathan Horne, Managing Director of Idea Fund. "With Roy, he’s unlocking the potential of millions of sports fans who want to support their favorite athletes directly. We're excited to support Cale and his team as they build the essential tools for universities to succeed in this rapidly evolving NIL landscape."

Groove Capital, a next-generation platform for early-stage investing, offers investors the flexibility to tailor their approach to angel and venture investments. They bring strong backing to Roy’s growth trajectory.

"Groove invests in great teams, who are well-timed to capture a very large market opportunity,” said Reed Robinson, Founder of Groove Capital. “With Roy, we're ecstatic to have a seasoned leadership team with unique/relevant experience in the right place and at the right time to provide a foundational tool to govern the exploding NIL industry,”

With Roy, fans have the power to directly impact the success of their favorite athletes and teams, creating a new model for athlete support and fan engagement in the NIL era.

About Roy

Roy is an innovative NIL platform that connects college athletes directly with their fans, offering a transparent, fan-driven marketplace. Fans can make direct contributions to athletes, helping them maximize their NIL potential while building stronger connections. Roy ensures that athletes only receive payments if they remain committed to their teams, fostering deeper team loyalty.

About Idea Fund of La Crosse

The Idea Fund of La Crosse is a venture capital firm focused on investing in pre-revenue and early-stage revenue technology companies. Based in La Crosse, WI, the firm is dedicated to supporting the growth and success of startups across the technology sector.

About Groove Capital

Groove Capital is a next-generation platform for early-stage investing, providing investors the flexibility to choose investment models that best suit their goals. Groove Capital is committed to supporting emerging companies with strong growth potential and is a key player in early-stage technology investment.

Contact:

Lindsey Johnston

lindsey@joinroy.com