Riyadh - Sharikat Mubasher: SURJ Sports Investments, wholly owned by the Public Investment Fund (PIF), completed a funding round for the organizers of the Michael Moritz-backed T100 Triathlon World Tour, in a move to grow the series and expand its presence in the Middle East.

SURJ’s investment was part of a Series C funding for the Professional Triathletes Organization (PTO), contributing to an estimated total raise of $40 million, as reported by Bloomberg.

Earlier this month, SURJ started its talks with PTO to invest in the T100 Triathlon Tour. The PTO also attracted investments from San Francisco-based Cordillera Investment Partners and Warner Bros. Discovery.

Sam Renouf, Chief Executive Officer of the PTO, commented: “This is a major milestone not only for us as an organization, but for the broader vision of triathlon’s future. We are better equipped than ever to scale our ambitions globally.”

Through the partnership with the PTO, SURJ aims to professionalize swim-bike-run events and promote mass participation globally.

The PIF established SURJ Sports Investments in 2023 to accelerate the growth of the sports sector in Saudi Arabia and the MENA region. The company has been investing in several sports outside the traditional targets of football and golf in recent years as part of Saudi Arabia’s broad economic diversification and investment strategy.