PTO: Niche fund Cordillera pours £8m into triathlon
The Warner Bros Discovery-backed Professional Triathletes’ Organisation (PTO), which runs the elite T100 Triathlon World Tour, has attracted a $10m (£7.7m) injection from niche US fund Cordillera Investment Partners.
San Francisco-based Cordillera has $1.6bn (£1.2bn) under management and specialises in “non-correlated assets” such as whiskey, boat marinas and carbon credits.
It joins broadcaster Warner Bros Discovery, which has equity in the PTO as well as showing its races, British billionaire venture capitalist Sir Michael Moritz and funds Divergent Investments and Eckuity in backing the PTO, which is also part-owned by athletes.
“For over 10 years, it has been our mission to find the ‘nooks and crannies’ within overlooked sectors of the global economy,” said Cordillera co-founder Agustin Araya.
“Sports is an industry we have had a thesis on for some time, and PTO is a prime example of an emerging league in a corner of the sports universe that is growing in popularity and fandom.”
Cordillera’s investment comes ahead of a wider Series C funding round by the PTO and just weeks before the 2025 season of the T100 Triathlon World Tour is due to begin in Singapore on 5 May.
T100 events feature 20 elite male and female triathletes competing in locations such as London, Las Vegas, Dubai, Vancouver, the French Riviera and Qatar.
“Professional triathletes have seen the rise of our sport but the growth at the pro end hasn’t necessarily tracked the participation growth,” said PTO CEO Sam Renouf.
“Football, the NFL, and tennis have been multibillion-dollar sports for a long time. Triathlon has really been in the dark ages from a commercial and broadcast perspective, and that’s why the PTO was formed. We are thrilled to have Cordillera’s support as we continue to grow our sport.
“Triathlon appeals to the executive and the professional class, which is a very attractive group to market to.
“The whole point of the PTO is that although you have this incredibly valuable market that is global, it is completely fragmented by the lack of a media product and season-long narrative to showcase our amazing athletes.”