Wellington based startup CricHQ announced yesterday afternoon that it had secured US$10 million (NZ$14.3 million) in funding from Singaporean private equity firm Tembusu Partners. The funding will help the company scale globally and enhance its digital cricket platform.
Cricket is the the second most popular global sport that has a presence in 102 countries around the world and an estimated global following of over three billion people. CricHQ was founded by serial entrepreneur Simon Baker and Stephen Fleming (New Zealand’s most successful captain and test batsman in history) and is a platform that makes it easier for cricket clubs to take care of their administration.
Cricket admin usually consists of paper-based, time-sensitive methods of data collection. The startup solves this issues through its digital platform which combines integrated competition management, live scoring and customer relationship management to negate the problem of data loss.
The platform also includes a cricket administration module that integrates with its real-time scoring app and offers performance insights for coaches and players, whilst providing fans the latest essential cricket information.
Thus far, 41 out of the 106 national governing bodies in New Zealand have partnered with the Wellington based tech business to better administer games in their jurisdictions.
Other than using the cash injection to upgrade the current platform and build additional features for its users, the company will begin to expand its reach geographically by making senior appointments to its operations team in India, the United Kingdom, South Africa and Pakistan. India is an obvious large focus for the startup considering it is the single biggest market in the world for the sport.
“[This] investment enables CricHQ to expand significantly and achieve our growth targets,” said Baker. “An institutional investment of this significance, and the support of shareholders and clients such as New Zealand Cricket, validates our business strategy. CricHQ will benefit from Tembusu’s experience and network in Asia, and is based in Singapore; the ideal gateway to our key markets.”
In addition to being supported by key industry bodies such as New Zealand Cricket, CricHQ has also had significant support from the New Zealand Government, with it being viewed from very early on as a key home-grown innovation and digital product with enormous export potential.
“Tembusu believes that CricHQ’s business model is highly scalable and it has a huge opportunity to become the world’s leading online repository of cricket information,” said Andy Lim , Chairman of Tembusu Partners. “We are proud to partner CricHQ in its exciting growth journey.”