London, 7 November – Lurra Capital, a leading private investment firm which specialises in innovative ventures and technology, proudly announces its strategic investment in the Hexagon Cup, the brand new padel tournament kicking off in February 2024, aiming to transform the sport.
In addition to the investment, the firm’s Founder and Chairman, Tyron Birkmeir, will join the Hexagon Cup's Advisory Board, further cementing the company's commitment to advancing the sport of 20 x 10.
Padel, the rapidly growing racquet sport that combines elements of tennis and squash, has gained immense popularity worldwide. The Hexagon Cup, taking place in February at the historic Madrid Arena, will benefit significantly from Lurra Capital's investment and Tyron Birkmeir's expertise.
Lurra Capital has a storied history of investing in cutting-edge startups, ranging from Elon Musk's Space X to Redwood Materials, a pioneer in lithium-ion battery recycling. Its diverse portfolio also includes C3byeSBE, an innovative player in the food technology sector. These investments reflect the firm’s commitment to pushing boundaries and fostering advancements across various industries.
Born under the slogan "For the Fans. For the Players. For the Game", the innovative Hexagon Cup padel project will see male, female and ‘next gen’ players combine with leading team owners from global sports and entertainment to compete for a share of an impressive one-million euro prize fund, creating a truly exciting new team competition and fan experience.
Tyron Birkmeir, Founder and Chairman of Lurra Capital, expressed his excitement about the collaboration, saying, "I see tremendous potential in the Hexagon Cup and believe in the power that padel has to take the global sports industry by storm. Joining the Advisory Board also allows me to contribute strategically to the growth and success of the tournament.”
Providing further insight into the investment decision, Tyron explains: “We looked at investing in more traditional sports teams and platforms, however, the static supply and rush of private capital has elevated valuations to unrealistic levels. To date padel has focused on the player and providing facilities for players. The size of courts, relatively quick construction times and cost of build out made the real estate play less appealing.
“The Hexagon Cup provides a conduit to an untapped fan base via an exciting competition format and the collaboration with sports stars and celebrities who are not immune to the padel bug only accelerates the growth of the sport.
“In addition, the experience of the founding team members in starting, organising and hosting global events was very attractive for us and gives us confidence that this will be a successful, world class competition. I look forward to working closely with Simon, Enrique, Alejandro, and Alberto to bring this exciting new concept to life and make it as successful as possible."
Hexagon Cup’s visionary founders are rooted in the sports industry. Based on an idea born and developed by the main founders of Formula E, it was then turned into a reality by the best professionals of the padel and sports ecosystem.
Well-known for having founded Formula E, Extreme E, and E1, the Hexagon Cup founders, who included Enrique Buenaventura, Simon Freer, Alejandro Agag and Alberto Longo, have sports disruption, innovation, and creativity built into their DNA. They are passionate about respecting the true heritage of padel, whilst using their collective sporting experiences to drive the fanbase for the sport to new global audiences.
Simon Freer, Chairman of Hexagon Cup, expressed his enthusiasm about the collaboration, stating, "We are thrilled to welcome Lurra Capital as a strategic investor, along with Tyron Birkmeir to our Advisory Board. Lurra’s extensive investment portfolio and Tyron’s visionary leadership make them a key addition to our stakeholders base, and we’re excited about the potential this means for developing the Hexagon Cup as a major presence in padel.” Lurra Capital's investment will support various aspects of the Hexagon Cup, and its long-term vision, and aims to enhance the overall experience for participants and fans alike. Exciting details regarding Hexagon Cup’s teams, players and commercial partners are being finalised and will be revealed in the coming weeks.
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