Toldright, the video production network founded earlier this year by a group of former sports media executives, has raised a multi-million-dollar Series A round led by Vertus Ventures and OneTeam Partners.
The round also includes a few family offices and some friends and family, according to CEO and co-founder Max Heineman. He said the money will be used to help the Toldright network continue to spread across the country, and to help identify new areas of growth.
“This really never was about raising a ton of money,” Heineman said in an interview. “We see profitability on the horizon in six months, whereas a lot of tech companies have been in business five years and they’re still not profitable, and they’re on Series C or Series D.”
Heineman said both Vertus and OneTeam’s investments were seven figures. He declined to be more specific about the details.
Toldright, which Heineman has called the “Uber Black of content creation,” is a network that matches freelance video professionals—camera operators, producers, lighting designers, audio techs, etc.—with companies that need assistance with projects large and small. Toldright hit the market as media grows more decentralized and as large legacy employers lay off or furlough staff–a trend accelerated by the pandemic.
Since officially launching in February, the network has expanded to 1,700 professionals around the country. In addition to working with sports entities and media companies, Toldright has also found a niche in corporate training and safety videos. As an example, Heineman mentioned augmented reality video, viewed through an Oculus headset, that can train new quick-service restaurant employees how to navigate their kitchens.
At launch, about 70% of the company’s work was in live events, but that’s starting to shift toward the bulk of the work being video for corporate clients. Toldright has worked with groups such as Xerox, Bose, Citibank, and the Kansas City Royals.
OneTeam was founded in 2019, by the NFLPA, MLBPA and RedBird Capital Partners to help athletes monetize their fame beyond their specific leagues and teams. In addition to its venture investing, the firm does group licensing and athlete marketing, two areas where Toldright’s business could be additionally relevant.
Vertus Ventures is a Jacksonville-based investment group backed by the people who founded (and later sold) Web.com.