Cosm Raises $250M to Develop More Venues and Invest in Sports Units
Some support is coming from existing investor Mirasol Capital
Cosm has raked in more than $250 million in a round of funding and plans on using it to invest in its business components and growth opportunities.
The financial support comes from Steve Winn and his firm Mirasol Capital; both are existing investors. Some new ones providing capital to Cosm include Bolt Ventures, Avenue Sports Fund, ROCK, and Baillie Gifford. The latter of the two are operated by billionaire Dan Gilbert.
In part, the proceeds will be used by Cosm to support the growth of its Shared Reality venues, which aim to offer an alternative to sports fans as opposed to watching live games in person. Plus, the company said it intends to use the capital to improve operations, develop more venues worldwide, and grow its media business and technology channels.
The Los Angeles-based company has partnerships with major sports leagues and networks including NBA, UFC, ESPN, NBC Sports, Turner Sports, and FOX Sports. The goal of Share Reality is to make sports fans tuning into programming feel like they are actually at the events with the best seats in the building. The unit merges “state-of-the-art visuals with the energy and excitement of the crowd and elevated food and beverage service,” said Cosm.
“We’ve aligned with the real estate community, with three premium locations in North America and a fast-growing waitlist of developers interested in bringing Cosm to their cities,” Jeb Terry, president and CEO of Cosm, which was founded in 2020, said.
“We’ve opened our first venue in Los Angeles to an overwhelmingly positive response from the local community and fans experiencing Shared Reality for the first time. Now, as Cosm continues to push boundaries, we are bringing on new financial partners, all of whom carry the strategic weight to match their investing acumen, providing invaluable insights and growth capital that will help us achieve our biggest vision and aggressively scale the business.”
Cosm’s has appointed Allen & Company LLC as its financial advisor.