Calgary’s StellarAlgo, the leading customer cloud platform for the sports and live audience industry, announced today a $16.5 million Series A funding round led by Toronto-based Carallas Holdings. Other new investors include Newbound VC, and Bleacher Report founder Dave Finocchio.
The round also included follow-on investment from existing shareholders Accelerate Fund II, Bluesky Equities, and InterGen Capital. To date, StellarAlgo has raised $19.0 million.
Funds will be used to continue the growth of StellarAlgo’s cloud-based solutions, which help sports and live event organizations monetize their live audiences using insights-driven sales, marketing and analytics tools. Product advancement will include investment in the company’s flagship tools, the Customer Data Platform (CDP) and Data Warehouse, to make it easier to efficiently engage fans and drive lifetime fan value.
StellarAlgo will also use this capital to expand its offering to foster partnerships with the brands supporting these teams and leagues while extending their presence by opening headquarters in both the United States and Europe. In conjunction, the company plans to double its workforce over the next 12 months, continue to hire best-in-class data engineers, customer success, product development, sales and marketing team members.