Drone Racing League lands a $100 million deal with Algorand

Drone Racing League lands a $100 million deal with Algorand

September 15, 2021: -On Tuesday, New York-based Drone Racing League landed its most significant sponsorship agreement to date with cryptocurrency platform Algorand, the company said.

According to PitchBook, DRL is a first-person-view racing league where drone pilots race devices through neon-lit courses and compete for prize money. The company was established in 2017 and, at present, is valued at $200 million.

The terms of the agreement with Algorand are not public, but people knowing the deal told CNBC it’s a five-year pact worth $100 million. The financial services company Allianz, based in Germany, held the title rights since DRL started and will remain a league partner. Excel Sports Management then negotiates the deal with Algorand.

Jacobson described the Generation Z audience as digital-savvy, early adopters “caring about an Apple iPhone launch as they do about sports and entertainment,” she added.

“When you look across what’s happening with crypto and blockchain, you have to ensure that you’re targeting the right audience,” she added.

Based in Boston, Algorand has a blockchain, or digital ledger, traded on the cryptocurrency exchange under the ticker symbol ALGO. As crypto keeps evolving in the financial sector, companies are positioned to attract more digital consumers, which uses sports sponsorships to create awareness.

This year, crypto companies took over sports name rights assets in the National Basketball Association, Major League Baseball, and one firm hit a $100 million deal with Liberty Media-owned Formula 1.

A former NBA executive named Jacobson said sports help newer companies with brand awareness but then said that the crypto firms will still need to educate younger audiences about the space and to use engaging platforms to drive their message. DRL says it has reached almost 75 million fans all over the world.

“You need to build in the right programming so that it’s not just a logo slap,” Jacobson said. “The crypto community, they are too smart – they see through just a jersey patch or signage. They want to know how are they involved and how is this going to change my sports experience?'”

DRL begins its sixth season on September 29. The league has media rights deals with NBCUniversal and to stream the deal with Twitter. Other sponsorships also include agreements with DraftKings, T-Mobile, Bodyarmor, the U.S. Air Force. DRL helps the Air Force with the recruitment and training of future drone drivers.

Drones used in racing events are designed and built by DRL, who build models for each race. The drones are worth around $2,000 and can travel up to 90 miles per hour.

About Us

We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.

Recent Posts

CalFoods Logistics | Making A Difference for those in Need | Steve Linkhart

Steve Linkhart, CEO of CalFoods Logistics, believes that he possesses one quality that sets the tone for CalFoods Logistics. “When we hire a new team member, there are clear responsibilities that need to be accomplished. Once we hire, train, and let that person take the ownership of the job, we allow them to do their job,” he explains. “We are always there to assist of course, but I feel that people get a sense of ownership of their role when they are allowed to do so. Everyone has a role from being CEO to pulling or entering orders, everyone has their unique responsibilities, and the foundation is always customer service, without that, everything after is on shaky ground.” Steve feels that there isn’t a role here too big or too small for anyone to jump in and help. He has unloaded his fair share of trucks and pulled orders over the past 18 months and will be glad to do it again if needed. “Taking care of our team is of the utmost importance to me. We offer a living wage, amazing benefits, and time off for the team to have a good work/life balance.”

Innovana Solutions | Leading with Determination & Commitment | Mitch McDermid

When Mitch McDermid launched Innovana, he had an evident vision of what he wanted the company to look like and what it could offer that was different from existing IT services and consulting firms. There was a clear need for a cloud-based services and business automation solutions provider that would address the needs of SMBs both from a pricing and service standpoint in Canada. Mitch and his team have been laser-focused on serving that niche.

Arete Wealth | Offering Excellence & Virtue | Joshua D. Rogers

A forward thinker, Joshua D. Rogers is always focused on the future. His vision was to introduce a smart, sophisticated approach to investing and wealth building. Since founding Arete Wealth in 2007, he’s done just that. Joshua’s brought an endowment-style of asset allocation to a broader audience of investors. From hedge funds to bespoke investments, his dream was to bring a new perspective to investing. Arete Wealth is the embodiment of that vision: a dynamic, energetic, comprehensive wealth management firm focused on the future.

OnView Integrated Solutions | The Guardian Angel | Joel Anaya

Joel Anaya, CEO of OnView Integrated Solutions, has been instrumental in building the company from the ground up. His innovation and vision transformed the way the company has scaled its business. OnView is a security provider bringing proactive solutions specifically designed to deter suspicious behavior in real-time before the crime occurs.

Western Development Museum | Creating Health, Happiness & Community Cohesion | Joan Kanigan

Joan Kanigan, CEO of the Western Development Museum (WDM), took an extraordinarily unique yet bold step as a leader in 2021. She initiated a 360o Performance Assessment to better understand how she was performing and where she needed to improve—all through an honest and critical feedback system to know where she was standing as a leader and a manager. “My intent with this performance review was to ensure I am serving the WDM and those I am responsible for to the best of my abilities,” she says. “The things that my staff felt I was doing most effectively include listening to them at all levels, using staff input to make decisions; making people comfortable to bring issues, opinions, and questions forward; valuing others’ thoughts and opinions; and identifying needs and opportunities for organizational improvement.”

Jacobs & Cushman San Diego Food Bank | San Diego County’s Leading Hunger-Relief Organization | James A. Floros

One of the things that set James A. Floros, President & CEO, Jacobs & Cushman San Diego Food Bank aside from other nonprofit CEOs is that he has always run a nonprofit like a business. “The efficiency and effectiveness that is required in the for-profit sector is even more important in the nonprofit sector because you are doing more with less, with less staff and less resources,” he explains. “Three to four weeks into the pandemic, I realized how well our organization was doing and I realized it was because of the work we had done in building an organization based on excellence.” They have an outstanding relationship with their donors, with media, elected officials, have top-notch financials, with 94 cents of every dollar going directly to our programs and services, and an amazing culture among the staff and volunteers.