Lance Armstrong's Next Ventures Raises $24.5 Million Of Expected $75 Million Fundraise

By Staff Reporter

Aug 05, 2019 05:20 AM EDT

If it seems like a week doesn't go by without news of yet another athlete investing in a new company or starting/participating in a new venture capital fund, it is because that is becoming more and more of a reality.

The latest athlete to get into the investment world is famed cyclist Lance Armstrong, whose venture capital company, Next Ventures LP, has raised $24.5 million of a planned $75 million funding round, according to a filing earlier this week with the U.S. Securities and Exchange Commission.

Armstrong co-founded Next Ventures with Lionel Conacher and both men are listed in the filing as general partners of the firm. Conacher is the son of his namesake, Lionel Concacher, nicknamed "The Big Train", a decorated multi-sport athlete and later a politician in Canada.

In the paperwork that was submitted to the SEC, Armstrong and Concacher indicate that the fund is looking to back startups in the sports, fitness, nutrition and wellness markets.

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