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Saudi Arabia’s Surj Sports Investment has participated in the Series C funding of Professional Triathletes Organisation (PTO)
PTO founding investor Michael Moritz, Cordillera Investment Partners and Verance Capital also participated in the funding, which raised approximately $40 million, according to Bloomberg. Earlier this month, Sky News reported Surj was in advanced talks to inject $20 million into PTO.
Saudi Arabia’s $1.15 trillion wealth fund, PIF, set up Surj Sports Investment in 2023 to develop a sports sector via strategic investments.
The Saudi investment is expected to fuel the expansion of the athlete-owned entity into the kingdom and the wider region, while also positioning it as a likely future host market for PTO’s flagship T100 Triathlon World Tour championship race, according to a statement.
(Writing by Bindu Rai, editing by Seban Scaria)
