Arete Helps Fund Sports Tech Company
Digital Golf Technologies, a start-up sports tech company, has completed its initial series of capital and secured $4 million in capital funding for the company.
Funding came from both venture capital firms, including Modjule, MATH Venture Partners and Hyde Park Venture Partners, as well as private investors secured with assistance from DGT’s broker-dealer, Arete Wealth Management.
Digital Golf Technologies, co-founded in 2015 by former Redbox executives Gregg Kaplan and Eric Hoersten, adds new revenue streams to golf courses. DGT provides the first automated hole-in-one contest, and nearly 150 golf courses nationwide have launched the program so far.
DGT also announced Mike Jakob has joined the company as its chief executive officer. Jakob previously served as president, chief operating officer, and chief financial officer for Sportvision, the company best known for the invention of football’s yellow 1st and Ten line, baseball’s KZone and PITCHf/x technologies and NASCAR’s RACEf/x.
“Golf is an industry in need of innovation and fresh ideas, and Digital Golf Technologies will be an integral part of the future of golf entertainment,” said Jakob. “With the successful close of our Series A investment round, we have funding in place to build out our team and to continue expanding our footprint to reach more courses and more players across the country.”
Headquartered in Chicago, Arete Wealth Management is the financial investment entity within the Arete family of companies. Arete is a full-service broker-dealer, registered investment advisor and insurance company. The firm offers wealth management for high-net worth individuals and institutions, alternative investment access, venture capital and private equity programs.
