Why the Dutch Sport Tech Fund Bets on Data Over Emotion -
And What That Looks Like in Practice

The investment model behind one of Europe's most active sports tech funds, explained.

Part II of our 2-part series with Dutch Sport Tech Fund. Part I was about where DSTF is heading, Part II is about why the model works.

Specialized sports tech funds occupy a unique position in venture capital. The asset class attracts capital precisely because sports generates passion. Passion can be a powerful source of conviction. But passion, when left unchecked by discipline, is often what kills returns. Overvalued "passion projects" that look compelling in a pitch deck but struggle in practice are a recurring feature of the landscape.

The challenge is separating genuine opportunity from emotional attachment. DSTF's answer to that problem is structural. Three pillars underpin how the fund selects, validates, and supports its portfolio companies - each built around the belief that sports technology cannot be evaluated through a traditional venture capital lens alone.

The fund invests exclusively across six defined verticals: human performance, data analytics, health and wellness (longevity), sports media and streaming, fan engagement, and fantasy sports and gaming.

The list matters less than what it signals: a deliberate refusal to chase anything that sits outside a defined scope, regardless of how compelling the narrative around it might be.

"Sports is an industry that leans heavily on sentiment," says Janssen. "Our team and our 250 investors are true sports lovers, but from day one, we had a strict agreement: we look purely at data, retention, and business fundamentals. Resisting the initial hype has, in hindsight, been our most important decision."

The other filter is growth rate. Every portfolio company must demonstrate a CAGR of 20%+. The underlying logic is that sports tech's strongest plays increasingly generate value well beyond the professional sports world: technologies developed for elite athletes finding their way into corporate wellness, entertainment, and mass consumer markets. That broader applicability is what makes the exit math work.

Sports technology often sits at the intersection of software, hardware, performance science, health, and industry-specific regulations. Evaluating those businesses requires expertise that extends beyond traditional venture investing.

DSTF's approach incorporates perspectives from across that spectrum, including elite athletes who participate in the diligence process alongside technical, commercial, and financial specialists. The goal is to understand not only whether a company can grow, but whether it can scale across sports, geographies, and customer segments.

"Our due diligence is executed by our own teams, where technical specialists, HR experts, and accountants work alongside elite athletes," explains Chief Investor Relations Officer and three-time Olympic field hockey gold medalist Teun de Nooijer. "This creates an unprecedented level of buy-in, accountability, and depth. We don't evaluate technology from a computer screen; we test it directly in the harsh reality of elite sports. That validation is too critical to outsource."

Before any capital is committed, a company goes through a stress test covering product-market fit, go-to-market strategy, and competitor analysis. The technology must also demonstrate the ability to support significant future growth. According to DSTF, scalability is assessed during the technical review process, with the expectation that the platform can support a user base many times larger than its current footprint.

That last requirement is worth noting. A lot of sports tech products are built for a single market, a single sport, or a single use case. Scalability to 10x is a forcing function that eliminates a large category of otherwise interesting companies from consideration.

In the current era of generative AI, software can be replicated faster than at any previous point in history. Technical differentiation, the traditional VC moat, has a much shorter shelf life than it used to.

DSTF's answer is distribution.

"A tech solution is easily copied, but you don't just replicate an international network overnight. That is the result of a lifetime of relationships," says Business Development Officer Mark Snijders. "Our ecosystem gives portfolio companies direct access to the market, drastically shortens time-to-market, and prevents a startup from spending three years building something that ultimately nobody wants to download or wear. That network effect is our ultimate moat."

This is a thesis we've seen validated repeatedly in our own research. The sports tech companies that have scaled most effectively in recent years haven't necessarily had the best technology. They've had the best distribution. Access to clubs, leagues, federations, and commercial partners that compressed the sales cycle and provided the credibility needed to win enterprise deals.

DSTF's active operator model means portfolio companies inherit that network from day one rather than spending years building it themselves.

With Fund I in exit mode, Fund II sharpens the thesis rather than reinventing it. The shift is toward later-stage companies. Series A/B scale-ups with proven recurring revenues and demonstrable user retention. With Richard Bruens, former board member at Van Lanschot Kempen, leading as General Partner.

The first confirmed Fund II investment sets the tone: Playtomic, the global market leader in booking and matchmaking software for racket sports. The investment reflects the updated thesis: category-leading businesses with established user bases, proven retention, and strong network effects.

One of the enduring debates in venture capital is whether specialist funds can consistently outperform generalists.

Our view is that specialization matters. Sports technology sits at the intersection of multiple industries, each with its own dynamics, stakeholders, and routes to market. Understanding those nuances can influence everything from sourcing and diligence to portfolio support and exit outcomes.

Capital alone is rarely enough. The most effective investors often bring industry knowledge, commercial relationships, distribution opportunities, and strategic guidance that extend well beyond the initial cheque.

DSTF has built its model around that belief. As Fund I enters its exit cycle, the next few years will provide an important test of whether a specialist approach can translate into superior outcomes and realized returns.