CricHQ said Tuesday it secured up to $10 million in funding from Tembusu Partners, a Singapore-based private equity firm. Wellington, New Zealand-based CricHQ provides platform that includes a cricket administration module that integrates with a real-time scoring app. CricHQ also provides performance insight for coaches and players as well as the latest information for fans.
WELLINGTON, New Zealand and SINGAPORE, June 16, 2015 /PRNewswire/ — CricHQ said today that it has secured up to US$10 million funding from Singapore-based private equity firm Tembusu Partners to enhance its cricket digital platform and grow global operations.
41 of 106 national governing bodies have partnered with Wellington-based CricHQ to better administer the game in their jurisdictions. Cricket is the world’s second most popular sport, with an estimated global following of over three billion.
Cricket administration previously consisted of paper-based, time-intensive methods of data collection. CricHQ aims to accomplish its mission of “Making Cricket Better” by benefiting cricket stakeholders through its digital platform.
With Tembusu’s investment, CricHQ will upgrade its platform to better serve clients and stakeholders, release exciting features for fans, expand geographically and attract talent.
CricHQ will grow its global operations through senior appointments in India, United Kingdom, South Africa and Pakistan. It will also expand its operations in India, cricket’s biggest market.
CricHQ’s platform includes a cricket administration module that integrates with its real-time scoring app. CricHQ also offers performance insights for coaches and players, whilst providing fans the latest essential cricket information.
Simon Baker, founder and CEO of CricHQ, said: “Tembusu’s investment enables CricHQ to expand significantly and achieve our growth targets. An institutional investment of this significance, and the support of shareholders and clients such as New Zealand Cricket, validates our business strategy. CricHQ will benefit from Tembusu’s experience and network in Asia, and is based in Singapore– the ideal gateway to our key markets.”
Andy Lim, Chairman of Tembusu Partners, said: “Tembusu believes that CricHQ’s business model is highly scalable and it has a huge opportunity to become the world’s leading online repository of cricket information. We are proud to partner CricHQ in its exciting growth journey.”
Imran Khwaja, president of Singapore Cricket Association and former Singapore international player, who sits on the Asian Cricket Council and International Cricket Council Executive Boards, said: “CricHQ has identified a critical need within the world’s second-largest sport, and has cleverly bridged the divide between technology and sports with its innovative platform. With this funding, I believe CricHQ will significantly influence how cricket is conducted and experienced today.”