Double Olympic champion swimmer Matt Richards has officially launched a groundbreaking new venture designed to bridge the financial gap for athletes across numerous sports. The innovative platform, named Sponza, represents a significant development in sports technology, aiming to connect thousands of athletes directly with commercial brands and sponsors.
Securing Investment and Building a Network
Richards revealed to City AM that Sponza has successfully secured a substantial six-figure investment, achieving a seven-figure valuation even before its official launch this week. The funding has been strategically gathered from a close-knit network of investors who possess deep industry experience.
"So far the investment we've brought on has purely been through a close network of people that have either experienced this themselves or people that are within the industry and within my close network," Richards explained. "In total we've got 12 Olympic medals between everybody that's invested and then plenty of other accolades in the business world. It is quite a tight group at the moment."
Addressing the Athlete Funding Challenge
The core mission of the Sponza platform is to address the persistent funding shortfall that many Olympians and professional sportspeople encounter. Richards, who won consecutive gold medals in the 4x200m freestyle relay at both the Tokyo and Paris Olympics, identified this critical issue firsthand.
The platform emerges following other athlete-focused initiatives, such as the fan service Fayder, and notable cases like canoeist Kurts Adams Rozentals turning to alternative revenue streams like OnlyFans. Sponza aims to provide a more structured and professional solution.
How the Sponza Platform Operates
The Worcestershire-born champion, now 23, reports that Sponza has already attracted an impressive 5,000 athletes from 50 different sports prior to launch. The platform operates with a dual-access model designed to be fair and accessible.
For athletes: The app can be downloaded completely free of charge. Users create an account and can then begin applying for sponsorship opportunities. The free tier is somewhat limited, allowing athletes to apply for just one opportunity per month. Alternatively, for a subscription fee of £10 per month, athletes gain full access to all platform features and unlimited applications.
For brands: Companies pay an annual access fee to use the platform. A very small commission is then paid by the brand on top of any campaign value, ensuring that athletes do not lose any further earnings from their partnerships. "The athletes aren't losing any further commission on that," Richards confirmed.
Positioning and Future Ambitions
Sponza positions itself as a comprehensive sports-technology solution that enables brands to identify and engage with athletes more efficiently. The platform promises "direct access to relevant athletes and the tools to scale partnerships without increased overhead or complexity."
Initially, Sponza will launch exclusively in the United Kingdom to ensure all systems function flawlessly. However, Richards has clear ambitions for international expansion, with the United States identified as a key target market.
"That'll be a target for us," he stated. "And the ultimate goal is to be the go-to place for athletes and brands all around the world when they're looking to work with each other."
This launch marks a significant step in leveraging technology to support athlete careers, combining Richards' elite sporting experience with a savvy business approach to create a potentially transformative platform in the sports sponsorship landscape.
