$50 million in-house investment fund will support innovative companies and mission-driven founders working to improve their communities through sport
Submitted by DICK'S Sporting Goods
PITTSBURGH, November 4, 2022 /CSRwire/ - DICK'S Sporting Goods (NYSE: DKS) announced today the launch of DSG Ventures, a $50 million in-house fund that will invest in innovative companies that, like DICK'S, hold the core belief that sports make people better.
DSG Ventures will initially focus on companies that directly serve athletes and their communities, or that help DICK'S better serve its own athletes. In many cases, the fund will seek to help these companies grow by providing them with support and resources that go far beyond capital and include what makes DICK'S unique: distribution reach, industry-leading expertise in retail, operational excellence and relationship with athletes.
DSG Ventures' initial investments reflect the fund's focus on innovation and include:
DSG Ventures is also working with innovation advisory VentureFuel on a Retail Innovation Program to identify startups to collaborate with DICK'S Sporting Goods on a pilot program around enhancing the customer experience. The pilot covers any area of the customer experience from e-commerce to in-store experience to AI.
DICK'S was founded by Dick Stack in upstate New York in 1948 and for many years ran as a small family business before it evolved into the nation's largest omni-channel sporting goods retailer under the leadership of his son, Ed Stack, who now serves as the company's Executive Chairman.
"DICK'S would not be what it is today without the support we received along the way from others who saw our company's potential," said Ed Stack. "Now DSG Ventures will enable us to give back and help support entrepreneurs achieve their dreams through our connections, experience and support. We know that DSG Ventures (and our partners) will bring innovative products, services and experiences to athletes around the world."
"The investment by DICK'S Sporting Goods, coupled with our distribution partnership, has propelled the Moolah Kicks brand from a basketball start-up to a category pioneer with a national footprint," said Natalie White, Founder and CEO of Moolah Kicks. "We could not be more encouraged by DICK'S Sporting Goods' continued commitment to providing performance products specifically for female athletes."
"We're excited to further expand our partnership with DICK'S," said Brendan Candon, Cofounder & CEO Sideline Swap. "Their investment underscores our shared commitment to sustainability and increasing access to sports. As the market leader in sporting goods, DICK'S provides us with an incredible platform to grow our resale program and reach tens of millions of new athletes."
For more information on DSG Ventures, visit dicks.com/DSGVentures.
About DICK'S Sporting Goods
DICK'S Sporting Goods (NYSE: DKS) creates confidence and excitement by personally equipping all athletes to achieve their dreams. Founded in 1948 and headquartered in Pittsburgh, the leading omnichannel retailer serves athletes and outdoor enthusiasts in more than 850 DICK'S Sporting Goods, Golf Galaxy, Field & Stream and Public Lands stores, online, and through the DICK'S mobile app. DICK'S also owns and operates DICK'S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for scheduling, communications, live scorekeeping and video streaming.
Driven by its belief that sports make people better, DICK'S has been a longtime champion for youth sports and, together with its Foundation, has donated millions of dollars to support under-resourced teams and athletes through the Sports Matter program and other community-based initiatives. Additional information about DICK'S business, corporate giving, sustainability efforts and employment opportunities can be found on dicks.com, investors.dicks.com, sportsmatter.org, dickssportinggoods.jobs and on Facebook, Twitter and Instagram.
Contact: DICK'S Sporting Goods – firstname.lastname@example.org
Founded in 1948, DICK'S Sporting Goods is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of October 30, 2021, the Company operated 734 DICK'S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a combination of its dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Outdoor, Fitness and Footwear.
Headquartered in Pittsburgh, DICK'S also owns and operates Golf Galaxy, Field & Stream and Public Lands specialty stores, as well as GameChanger, a youth sports mobile app for scheduling, communications, live scorekeeping and video streaming. DICK'S offers its products through a dynamic eCommerce platform that is integrated with its store network and provides athletes with the convenience and expertise of a 24-hour storefront.
For more information, visit the Investor Relations page at dicks.com.
More from DICK'S Sporting Goods