Business & Finance
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Monaco-based startup Iqoniq has entered into a €100 million funding agreement to develop and expand its new fan engagement platform targeting the world of sports and entertainment.
News of the investment comes as Iqoniq, headquartered in Monaco, has grown considerably over the past six months, despite the impact of Covid-19. During this period, the platform has added a host of new high-profile employees and Advisory Board members, as well as formalising partnerships with rights-holders such as AS Monaco, Euroleague Basketball, Olympique de Marseille, North Carolina FC and the Drone Champions League.
On 24th July, the group announced the capital funding agreement with Luxembourg based investment corporation Lux Media Investments, a private investment company headed by a group of investment bankers, media entrepreneurs, pioneers, former sports professionals and industry leaders, including former executives of Time Warner, Walt Disney, and Sony.
“With modern social media platforms not specifically designed for fans, Iqoniq provides its users with an all-in-one solution for their needs, providing aggregated content from all other platforms, as well as unique features including in-app games, special star interactions, loyalty programmes, merchandising and ticketing discounts, and the option to support social responsibility initiatives – all leading to more personal, more rewarding and more purposeful fan experiences,” stated Iqoniq in a press release.
Iqoniq says it is currently in advanced negotiations with more than 175 rightsholders from the world of sports and entertainment, including major clubs from the big five European football divisions, as well as world-leading clubs and leagues in baseball, cricket, rugby and motorsport.
“We are very pleased to have secured a financial partner with exceptional experience and know-how in the media industry for IQONIQ,” said CEO Kazim Atilla. “The challenges that have come this year with the pandemic have in many ways reinforced and supported our vision to bring fans closer to their stars, no matter where they are in the world. With this new investment, we will be able to continue our growth alongside new partners and accelerate our plans to revolutionise the world of fan engagement.”
Piet Saarloos, President of the Lux Capital Corporation, added, “From our first conversations with Iqoniq’s leadership team in June 2019, it became clear that Iqoniq will become a real gamechanger in fan engagement, presenting unique opportunities for the sports and entertainment industries. With the experience of our Lux Media Investments team, we see great synergies between our expertise and theirs, and we look forward to helping Iqoniq take the next steps on this incredibly exciting journey.”
The Iqoniq platform is due to launch in September 2020.
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