Florida Funders is making a significant investment in a Philadelphia-based startup that provides student athletes with technology and resources to maximize their name, image, and likeness (NIL).
The Tampa-based venture capital fund announced its investment in NOCAP Sports’, an inclusive digital marketplace that allows athletes, schools and businesses to connect and conduct automated NIL related transactions with full oversight from independent third parties. The $2.5 million seed round investment came from the Florida Funders’ Fund 2 LLC, and will support NOCAP’s efforts to ramp up marketing, platform development, campus ambassador programs, and the company’s expansion in Miami.
The Florida Institute for Commercialization of Florida Technology also participated, along with the Acquired Wisdom Fund, Bakari Sellers, and executives from College Hunks, Pulse Sports, the Philadelphia Union and more, according to The Business Journals.
“Florida Funders is thrilled to get in on the ground floor of this emerging marketplace,” said Tom Wallace, managing partner at Florida Funders. “NOCAP Sports is providing athletes equal access to the best technology, resources, and endorsement opportunities for free — they’re changing the entire game.”
Founded in May 2020 in response to loosening restrictions on university athletes monetizing their NIL with brands, businesses and fans, NOCAP Sports provides a free platform for athletes and schools to utilize, offering athletes a portal to major brands and companies eagerly looking to sign collegiate influencers at no cost to the athlete. Additionally, Florida’s NIL bill was signed by Governor Ron DeSantis in 2020 and went into effect in July, opening the door for collegiate athletes to profit off their NIL.
In a press release, NOCAP Sports touted their platform, which currently has deals with 61 universities across the country.
“NOCAP Sports is more than just a platform; it’s a gateway to services for schools and athletes,” Sarah Fuller, director of athlete relations at NOCAP Sports, said in a statement. “NOCAP is equipping the next generation of student-athletes in the NIL market that is expected to grow like never before.”