Positioning sports innovation and sports-tech investor XV for a $55 million capital raise
XV scale global sports-tech with an idiosyncratic two-pronged approach. Their advisory arm XV Accelerate fast-tracks sports-tech ventures into the APAC market using Australia as a springboard. Then investment arm XV Invest deploys capital into those businesses that show they’ve got what it takes to succeed.
Despite their impressive track record, XV faced a challenge when it came to their first significant capital raise. They wanted to step up and appeal to more strategic investors, family offices, and private wealth firms. But they were struggling in more than one way.
It’s a challenging time to raise capital
Partly XV’s issues were down to the challenging capital markets. XV founding partners James Godfrey and Stirling Mortlock are both celebrated rugby players. They’re well connected and respected in Australia and APAC. But even with their recognition, reputation, and network it was slow going, as it was for anyone trying to raise capital in 2024.
Another obstacle that surfaced was self-made. XV weren’t playing big enough. CEO James Godfrey explains, “Last year we started trying to raise $15 million for our first investment fund. We had positive meetings with potential investors who liked the thesis, but they traditionally invest $5-$10 million and a $15 million total opportunity wasn't meaty enough. They said, ‘We believe in the opportunity and you should be raising over $50 million. Come back when you’ve a meaningful offer for us.’”
The last challenge was positioning. XV’s two-sided business model is uniquely designed for sport; it’s logical and effective, yet unconventional. They’re also first-time fundraisers and although sports-tech is a multi-billion-dollar market globally, it’s seen as a pioneering, emerging asset class in Australia and APAC. My brief was to make their business proposition simpler to understand. That meant positioning the business so sports-tech ventures, the sports governing bodies who buy sports-tech, and investors can all see the value XV brings at the same time.
Origins of an unconventional business model
To understand XV’s unusual business model, it helps to go back to the beginning of their story. James recalls, “When Stirling and I started XV in 2020, it was a piecemeal group of deals more than a business. It took us two years to pinpoint the opportunity, understand what would be commercially sustainable, and build foundations to scale.”
XV landed on accelerating and investing in growth stage global sports-tech. James explains, “XV Accelerate is paid by global sports-tech companies to test tech in Australia and accelerate its development. Australia has a really mature sports ecosystem. As a nation we enjoy and support sports at all levels from recreational to professional. The profile sports like AFL, NRL, cricket, tennis, rugby, and soccer get media attention, but we’ve a committed sports culture at all levels of society. So, you can stress test sports tech offers here, shape them and get them battle hardened, then take them into APAC, before going global.”
This model means XV gets to know a business intimately before they invest in it. James says, “Originally, we invested in businesses then accelerated them into the region. But we realised you don't know anything about a business until you live it active at the coal face. So, we flipped our model to accelerate then invest. Testing tech allows us to do active due diligence. We see founders working under pressure and how the product fits with market expectations before we invest.”
Preparing for a capital raise under tight time pressure
In early 2025, XV started trying to articulate the nuances of their value proposition for their capital raise. James explains: “I did some sessions with our team on messaging for investors and realised we needed some independent thinking. We also didn’t have long to get our messaging sorted, so we needed someone to focus on identifying outputs, sequencing our tasks, and setting a timeline, so we didn’t get caught in the weeds.”
In early 2025, XV started trying to articulate the nuances of their value proposition for their capital raise. James explains: “I did some sessions with our team on messaging for investors and realised we needed some independent thinking. We also didn’t have long to get our messaging sorted, so we needed someone to focus on identifying outputs, sequencing our tasks, and setting a timeline, so we didn’t get caught in the weeds.”
I first started working with XV on messaging in early 2024 and we’d done some good work together, so when James needed clarity for their capital raise, he got on the phone. James says, “Every time Andy has jumped into our world, we’ve had a tight time frame. When I called him, he said, ‘I’ll be there next week.’ We locked ourselves away for three days, and worked in an intense, concentrated manner that got us to outcomes fast.”
“Andy is great at unpacking the chaos of a founder's mind, challenging me on what matters, and clearly articulating our offering. There's madness to his method and method to his madness. He has a process and the ability to adapt as insights emerge. It was masterful watching him rip through ideas, get clarity, and create a mind map showing messaging for investors. We were working from 8:30am-5:00pm, but each night Andy would get straight to work on key messages and our pitch deck, so we could review progress the next morning.”
Putting ourselves in investors’ shoes
In 2024, XV tested initial messaging with potential investors and got feedback they weren’t giving investors what they needed to know. James recalls how he and Andy turned their messaging around. “We broke down the groups of investors we could go to, jumped into their world, and unpacked their drivers, their appetite to invest in a business of our stage, and the process they use to make decisions. Then we looked at how we could bring that info out through our pitch decks and funding collateral.”
“We pulled together a framework of who we're targeting, their gatekeepers, their key drivers for decision making, and the messages for each group. Andy provided us with an awesome platform for our strategy, messaging, and commercial data. We ended up creating a master investor deck with targeted slides offering different deals to three groups: high net worth individuals, family offices, and strategic investors. We also have supporting collateral like a strategy on a page, and a very nice data room giving investors all the detail they need.”
Going out to market feeling ready to have a real swing
XV are about to embark on an investor roadshow. The way they’re approaching investors has evolved a long way since 2024. James explains, “We're not raising capital. We’re selecting six strategic capital partners to scale this business significantly over the next 10 years. We're not going in saying we’ve a $15 million fund and your minimum investment is $250k. We’re raising $55 million for an active equity position in XV and three sports-tech funds deployed over three years.”
James tested XV’s new messaging in meetings with the initial investors they spoke to in 2024. He says, “We brought them back a deal that gives them ownership as a strategic partner of XV. They’ll invest some money into our operations, some into fund number one, and some into the future funds. Those conversations went really well. I’m feeling great going into this round of conversations with potential investors. We’re ready to have a real swing.”
Heading towards running, feeling clear and composed
When I started working with XV in 2024, they found it difficult to articulate their story. James says, “Andy gave us real clarity of positioning. We can communicate our narrative confidently to investors. And even though we're a little business at the moment, the strategic foundations and positioning Andy has put in place gives us a fantastic platform to build from.”
“I also really value Andy’s ability to challenge and stress test our ideas. He's very much part of our team in those big moments where we’re seeking clarity. He’s a critical friend who creates a safe space where he can push us and we can push back. We’ve respect for each other and confidence we're going to get through what we need to do.”
“Working with Andy is challenging and fun. He’s always warm. He often asks us at the start of a session, ‘How are you feeling?’ Everyone will be overwhelmed, anxious, and frustrated. By the end of our time with Andy, we’re feeling energised, focused, clear, and composed.”
“Andy started working with us in 2024 when we were walking. He has helped us transition XV to jogging. Now we’re heading towards running and Andy's been a critical part in that.”
Is your value proposition clear enough for a capital raise?
If you want to raise capital, you have to be able to talk about your business clearly. I develop clear commercial strategy and positioning for companies seeking scale. This was a tough positioning challenge for a business with an unusual model in an industry sector perceived as untested by investors. Yet we got to space where XV’s founders are going into an capital raise feeling confident and prepared.
“Working with Andy is challenging and fun. He often asks us at the start of a session, ‘How are you feeling?’ Everyone will be overwhelmed, anxious, and frustrated. By the end of our time with Andy, we’re feeling energised, focused, clear, and composed.”