Causeway Research
Investment Thesis
Causeway (legally Causeway Media Partners) is a growth-stage venture firm that backs companies in sports, fitness, media, live events and related consumer industries. Its homepage line is "Backing teams to advance the consumer experience in sports, fitness, and beyond." The firm says it uses deep experience and networks in these spaces to be a value-added partner, not just a source of capital. The founders include the lead owner of the Boston Celtics, which gives the firm unusual access to leagues, teams, media rights holders and sports executives.
Stage Focus
Causeway describes itself as investing in growth stage companies. Its portfolio spans early venture rounds (for example Zwift, SeatGeek, SportsEngine) through large late-stage and control-style positions (Formula E, PGA TOUR, MARI). It is best read as a growth-stage investor that also does selective earlier and larger structured deals, rather than a pre-seed or seed fund.
Check Size
The firm does not publish check sizes. It manages $390M across three funds: Causeway Media Partners I (about $130M, first fund), Causeway Media Partners II ($211.3M, closed 2018) and Causeway Partners III. Check size is not stated and is left unset.
Lead Tendency
Unclear. It participates in rounds led by others (it is a named returning investor in Pro Shop's $24M Series B led by Arthur M. Blank Sports and Entertainment, and an existing investor in Zwift's $450M round led by KKR) and was a founding backer of several platforms. Recorded as unknown.
Recent Activity
- Pro Shop closed a $24M Series B with Causeway Media Partners as a new investor in the round.
- Posh raised a $37M Series B (Causeway portfolio company).
- MARI, Ari Emanuel's events and experiences company, closed acquisitions of IMG's international tennis events, Frieze and a majority stake in Barrett-Jackson.
- PGA TOUR: Strategic Sports Group's investment in the PGA TOUR was named Deal of the Year at the 2025 Sports Business Awards; PGA TOUR is a Causeway holding.
The firm appears to be actively deploying from its third fund.
Portfolio Highlights
The portfolio lists 25 companies. Exits include Niantic (acquired by Scopely), SportsEngine (NBCUniversal), Session M (Mastercard), QuintEvents (Liberty Media), VenueNext (Shift4), TuneIn (Stingray), You.i TV (AT&T/WarnerMedia), Thrill One (Fiume Capital) and 80% of Formula E (Liberty Media and Discovery). Active holdings include SeatGeek, Zwift, FloSports, FitOn, Freeletics, Omaze, POSH, Pro Shop, PGA TOUR, MARI, ALLCITY, Huupe, Tracksmith, SquadLocker, Weekend and Zigazoo.
Team
- Wyc Grousbeck, Co-Founder & Partner: CEO and NBA Governor of the Boston Celtics, led the 2002 acquisition; former General Partner at Highland Capital Partners (1995 to 2002); board of Formula E Holdings.
- Bob Higgins, Co-Founder & Partner: Co-founder and General Partner of Highland Capital Partners (1988 to 2013), over 30 years of venture and private equity; Forbes Midas List; Harvard Business School faculty member.
- Mark Wan, Co-Founder & Partner: Co-founding partner of Three Arch Partners (1993 to 2012); former Brentwood Associates GP; Celtics and San Francisco 49ers owner.
- Dave Poltack, Partner & CFO: Runs finance, operations and investor relations; former CFO at Globespan Capital Partners.
Decision Process
A small partnership of three co-founders who have co-invested together for decades (Highland, Three Arch, the Celtics ownership group). Decisions appear to be made jointly by the partners.
Founder Preferences
Companies where sports and fan, athlete or event audiences are central: ticketing, live events, fitness subscriptions, sports media, sports technology and consumer products for athletes. Founders who can use leagues, teams and media relationships the partners hold are the natural fit.
Geographic Focus
Based in Cambridge, Massachusetts. The portfolio is global (Formula E, Freeletics in Germany, Zwift) with a US core. No stated geographic restriction.
Warm Intro Notes
The public contact route is [email protected] and each partner lists a direct email. A warm introduction through the sports business network is likely to carry more weight than a cold email.