Why We Invested in Spry
We are excited to announce our latest investment in Spry, led by Founder and CEO Lyle Adams. Spry is a Future of Work company that partners with universities and sports organizations with its enterprise SaaS solutions to help them streamline operations and student-athlete management. We are excited to be investors alongside HL Ventures, The Upper Deck Company, NBA Superstar Andre Drummond, and NBA Legend Carmelo Anthony.
Spry is an emerging start-up within the $20B US sports software market. What excites us most about Lyle is his deep understanding of the space, background in professional sports, and experience in the technology sector. Lyle holds a Master's in Sports Management from Columbia University and was one of the first 100 employees at Uber. At Uber, Lyle was a team manager overseeing growth initiatives, data insights, and operations helping the company scale from $50M ARR to $6B ARR and 10,000 employees during his tenure. As a former NCAA Men’s Soccer Champion and an MLS professional soccer player, Adams has the expertise and knowledge to build products that advance the sports software industry.
Spry has two products, SpryConnect and SpryNIL. SpryConnect is a modern administrative platform for collegiate athletic departments and is currently active in over 130+ organizations. It allows organizations to seamlessly communicate, collaborate, organize, and streamline key functions such as roster management, recruitment tracking, vendor payment processing, scheduling, and more. SpryNIL is resource management software that keeps departments informed about NIL activities and compliance requirements while providing student-athletes with the tools and educational resources to be successful. Adams’ is passionate about student-athletes “using NIL to teach them foundational and life skills that help them achieve a ‘richer’ future.”
We believe Spry has an exciting opportunity at the intersection of sports and technology. With a target market size that is set to quadruple to $77B in 2026, the scale of opportunity is significant. Our due diligence brought to light Spry’s significant growth trajectory, substantiated by impressive YoY revenue increases and a concrete pipeline of future clients. This, coupled with the broader growth trend in the sports industry, amplifies our confidence in the sustainability and potential of Spry's offerings.
Our investment in Spry is driven by the team behind the vision, the market's uncharted potential, and a business model that shows scalability and impact. We believe that Spry is poised to redefine how organizations and student-athletes interact, manage resources, and achieve operational efficiency.
