The NIL landscape is expanding and Opendorse believes it is in a position to grow with a recent $20 million funding round.
Flyover Capital, Serra Ventures, and Advantage Capital are among the investors. Former Formula One managing director Sean Bratches also participated in the round, along with former NFL player Will Compton.
Opendorse has received approximately $40 million in funding since its inception in 2012.
The new cash round will allow co-founder and CEO Blake Lawrence to explore a variety of options.
The top priority is to build Opendorse’s brand campaign team. Opendorse has more than 100,000 athletes on its platform for NIL.
However, Opendorse works constantly to bring new companies onto the platform and ensure successful NIL campaigns. The working group that focuses on NIL collectives will also include staff members.
Other Opendorse Initiatives
The NIL marketplace also announced new funding and plans to launch licensed NIL clubs at partner schools.
Opendorse-backed clubs launched with a $29.99 per month rate or a $299.99 annual rate. Fans will have behind-the-scenes access to exclusive footage of team practices, games, and other events as part of the subscription.
Opendorse will purchase film and photographs from schools that are not being used for the athletes’ benefit to make sure institutions do not violate NCAA guidelines regarding brokering deals.
Here is a breakdown of the fees:
+ 50% towards NIL Rights Royalties (distributed quarterly).
+ 20% off marketing services payments (offered monthly).
+ 20% for education program access (accessible 24/7).
+ 10% off content licensing fees (paid quarterly).
NIL will see some consolidation after this and Opendorse now has the cash to go hunting.
