Mathew Cyriac Invests $2 million in MyySports, Becomes Co-Founder

Sports tech start-up MyySports has raised $2 million in a funding round led by Mathew Cyriac, the founder of alternate asset management company Florintree Advisors.

Cyriac claimed that India is at the cusp of a digital revolution with 1 billion smartphones in the hands of the people. "MyySports enables capturing and socialising the sporting journey of every sports enthusiast. With its unique offering, MyySports is all set to capture the large sports community on its digital platform,” he added.

MyySports' founder Saurav Banerjee is delighted to welcome Cyriac on board. “He is a prolific investor with an unbeatable track record and has over five investments in the Sports sector. MyySports will gain immensely from his vast experience. A warm welcome on behalf of the entire MyySports team,” Banerjee told Entrackr.

Cyriac earlier worked with the company as a board member. With this capital infusion, he will join the gaming start-up as a co-founder, Entrackr reported. 

MyySports provides creator tools to sports lovers to create, socialise and monetise their content. The company recently acquired another gaming-based start-up, MyHashtash.

Cyriac-led Florintree has reportedly invested in over 30 companies over five years. Some portfolio companies have successfully completed the Initial Public Offering (IPO) programme. Moreover, the asset management firm has fully exited investments from three start-ups– PharmEasy, CashE and WelthDesk. 

Currently, the gaming industry is attracting many investments. In the first half of 2022, 15 gaming companies raised $216.1 million.

However, in comparison with 2021, these numbers seem less. In the previous year, the gaming segment raised $395.3 million from 13 major. Start-ups in India from this domain have also been bearing a brunt of the funding winter.