Domain knowledge must show up in the underwriting.
Sports software is the primary mandate. Telecom and digital infrastructure are selective, France-first situations. We underwrite on product depth, customer workflow, data rights, revenue quality, operating leverage and governance.
Where software can compound.
UEFA’s own innovation programmes show how governing bodies increasingly collaborate with start-ups, academia and commercial partners. We treat that as evidence of a more institutionalised buyer ecosystem, not as proof that every sports-tech product deserves capital.
Performance & coaching systems
Decision support, training workflows, video, sensor integration and data products embedded in repeatable performance processes.
94 / 100Club & league operating systems
Scheduling, rosters, compliance, CRM, finance, competition administration and integrated back-office platforms.
91 / 100Scouting & talent intelligence
Products where proprietary datasets, workflow adoption and network effects reinforce one another.
88 / 100Fan, commerce & media infrastructure
Identity, ticketing enablement, monetisation and content infrastructure with measurable ROI and strong integrations.
82 / 100Venue & event software
Operations, access, workforce, inventory and hospitality systems that improve utilisation or unit economics.
78 / 100Applied AI with proprietary inputs
AI attached to unique data, distribution or workflow ownership. Generic wrappers are not a moat.
86 / 100Bars show PB INVEST qualitative screening emphasis, not market-size statistics or portfolio allocation.
What must be true.
We do not require every company to look identical. We do require a credible explanation of why value compounds instead of leaking to competitors, customers or capital providers.
| Dimension | We favour | We pressure-test |
|---|---|---|
| Product | Mission-critical or highly embedded workflow | Nice-to-have usage, low switching cost, feature parity |
| Revenue | Recurring or highly repeatable revenue | Customer concentration, services disguised as SaaS |
| Data | Proprietary, permissioned and compounding datasets | Rights, portability, privacy and dependency risk |
| Distribution | Efficient channels, partnerships and ecosystem integration | Paid acquisition dependency and single-channel fragility |
| Economics | Visible path to durable cash generation | Implementation burden, gross-margin quality and capex intensity |
| Expansion | Europe ↔ USA portability | Regulation, language, procurement and league-specific friction |
France-first and selective.
ARCEP reports 94.9% FttH coverage and 27.7m fibre subscriptions at March 2026. The build-out story is maturing, while network quality, intervention discipline, data coherence and commercial efficiency become more important.
Flexible, but not vague.
Minority, strategic and structured situations can all work. Governance clarity, information rights, aligned incentives and a credible route to value creation are not optional.
High narrative, low lock-in is a red flag.
The matrix below is an internal screening framework, not a market forecast. We want high strategic fit and high defensibility at the same time.