Patrick Mahomes #15 of the Kansas City Chiefs makes a go through the sport towards the Baltimore Ravens at M&T Bank Stadium on September 28, 2020 in Baltimore, Maryland.
Todd Olszewski | Getty Images
Sports tech firm Hyperice landed its ultimate main partnership of 2020, placing a deal with the National Football League, the corporate introduced Tuesday. The firm says the settlement will assist it attain a $1 billion valuation by subsequent yr.
The sponsorship deal with the NFL is a multi-year pact that may make the corporate the league’s first “recovery technology partner.” Hyperice, which makes tools that helps muscle tissue get well, will present in-game restoration units to NFL groups and gamers and have a presence on the league’s annual scouting mix in Indianapolis.
Terms of the deal weren’t supplied.
In an interview with CNBC on Monday, Hyperice CEO Jim Huether stated the settlement with the NFL helps “position us long-term as the [technology recovery] category leader and gives us accessibility to elite athletes and the ability to create more brand awareness and exposure.”
“The NFL mark is a powerful and important mark, and we have the ability to utilize the mark in brand campaigns,” he added, noting the TV publicity of gamers utilizing units on the sidelines would assist model publicity and firm gross sales.
Hyperice focuses on efficiency restoration merchandise, together with its therapeutic massage units that focus on mushy tissue ache and muscle restoration for athletes. In October, the agency raised $48 million in a Series A funding spherical, which Huether instructed CNBC places Hyperice at a $700 million valuation.
Huether referred to as the NFL settlement “a natural alignment because the NFL has an equity investment interest,” he famous.
Other buyers within the firm embrace the Kansas City Chiefs star quarterback Patrick Mahomes, the National Basketball Association, and Major League Baseball. PGA Tour and UFC have sponsorship offers with the agency.
“We’re thrilled to welcome Hyperice to the NFL family as an Official Recovery Technology Partner,” stated Renie Anderson, NFL CRO and govt vp of partnerships, in a assertion. “With this partnership in place, Hyperice products will be available across all 32 Club facilities providing our players access to the very best recovery technology to help them perform at the highest level.”
For the NFL, in-game restoration merchandise will embrace Hyperice’s “Hypervolt” therapeutic massage machine and its “Venom” merchandise. These wearable units mix warmth vibration for shoulders, legs and again areas.
NFL groups will even have entry to Hyperice’s array of merchandise, together with its Normatec’s compression system, which helps athletes with muscle tissue restoration earlier than and after video games.
Hyperice will use funds from its $48 million Series A to improve its its new bluetooth and synthetic intelligence platform, HyperSmart app.
“For us, what was so different about these partnerships in the in-game tech integration,” Huether instructed CNBC on Monday. “I feel like we reinvented and unlocked a new model for sports tech marketing partnerships in that we have a product that does optimize in-game performance. If you elevate performance in a game, you’re going to have better player performance.”
Hyperice launched its new product, the “Hypervolt Go” ($199), a smaller, transportable model of its Hypervolt massager, which prices roughly $330.
“It’s a little bit more accessible and affordable to everyone,” stated Huether, including the corporate is coming off its largest month of gross sales on October and expects to double that in December.
He stated Hyperice expects to hit a $1 billion valuation “sometime in the next couple of months.” Huether stated the corporate would not search one other funding spherical as it’s worthwhile and stated it may pursue an IPO.
“All options are available,” Huether stated. “We could do an IPO, acquire more companies or stay private and continue to expand our technology. It’s open for us right now.”