Ryan Smith, owner of the NBA’s Utah Jazz and NHL’s Utah Hockey Club, has launched a $1 billion investment firm specializing in tech startups focused on sports and entertainment. The fund, named HX One LP, is a partnership with Ryan Sweeny from private equity firm Accel and will operate under the corporate entity Halo Experience. It will not be officially tied to Smith’s sports business, Smith Entertainment Group. The fund will invest in growth-stage startups where technology meets sports and other experiential sectors, with plans to expand its investment team.
A significant amount of the $1 billion in funding has already been secured, with Accel providing back-office services to support the fund. The global sports technology market is expected to grow from $14.7 billion in 2023 to $55 billion by 2030. Smith and Sweeny have a history of successful investments, including experience management company Qualtrics, which was sold for $8 billion before being taken private again at $12.5 billion. Sweeny is also an investor in Smith’s Utah Jazz and Utah Hockey Club.
The news of the investment firm comes as fellow investor David Blitzer is in late-stage discussions to sell a controlling stake in Real Salt Lake and Utah Royals to the Miller family, former owners of the Jazz. If the sale goes through, Smith will not be involved with the soccer clubs. Smith’s SEG initially bought a majority stake in the Jazz from the Miller family in 2020.
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