Public Investment Fund (PIF) subsidiary Surj Sports Investment joined a series C funding round for the Professional Triathletes Organization (PTO), with participation from PTO’s founding investor Sir Michael Moritz, San Francisco-based Cordillera Investment Partners, and Verance Capital, Surj said in a press release yesterday. A total of USD 40 mn was raised in the round, which also saw Warner Bros. Discovery participating, according to Bloomberg.

We knew this was happening: SURJ has been in discussions with the PTO in recent weeks, initially eyeing a USD 20 mn investment. London-based Oakvale Capital advised the PTO on the transaction. PTO is the body behind the T100 Triathlon Tour, and Saudi Arabia is expected to be a future host location for the T100 series, as part of the agreement.

Where the money’s going: The capital will support the PTO’s regional and global expansion plans. The investment also supports the development of the T100 endurance race series, launched in 2024, which features a 100-km format (2 km swim, 80 km bike, 18 km run), Surj said. Funds will go toward refining race formats and deepening athlete and fan engagement. Events have already been held in London and Dubai.

ICYMI- Surj has been on a diversification spree this year, announcing a joint venture with Gerard Piqué’s Kings League to launch the seven-a-side football league Kings League MENA, with Saudi Arabia set to host the first edition later this year. The fund is also in talks with Dazn Group to establish Dazn Mena, a Saudi sports broadcasting JV. In addition, Surj has been linked to a potential USD 500 mn investment in a proposed global T20 cricket league, still in early development.

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