SuperTri Company Spotlight

A consolidation strategy that is shaping the future of endurance races

For those of you reading for the first time, welcome to Sweat Ventures. I write about themes that catch my eye in the world of Fitness, Outdoor Recreation, and Sports Investing.

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Introduction

In my previous series on the endurance economy, I wrote about the potential to build an attractive platform through consolidating and professionalizing endurance race properties (The Endurance Economy: Key Takeaways). Among the companies I briefly mentioned was Supertri, a short-course triathlon brand.

Over the past 12 months, Supertri has validated my initial thesis and has started a global acquisition spree of triathlon races. To accelerate this inorganic growth and fund the consolidation strategy, they recently announced a $60M capital raise and are now positioning themselves as one of the most innovative, media-savvy operators in endurance sports. In this piece, I take a closer look at how Supertri is building a new kind of endurance brand that merges elite racing, mass participation, media, and esports into a cohesive platform.

A Rebrand with Purpose

Originally called Super League Triathlon, SuperTri was founded in 2016 by Michael D’hulst, Chris McCormack, and Leonid Boguslavsky. What started as a side project among triathlon obsessives has since evolved into a global operation. The company rebranded to Supertri in 2024, a move that reflects both its broader ambitions and a fundamental repositioning: less about long, lonely hours of racing and more about action, energy, and entertainment.

Along with the rebrand, the company redefined its core brand principles, including:

• Breaking Boundaries

• Creating Moments

• Fueling Ambition

• Enriching Communities

• Delivering Excellence

Headquartered in London, SuperTri has grown to have a truly global footprint. Current events include London, Chicago, Austin, Kerrville, Long Beach, Toulouse, Toronto, and Neom, Saudi Arabia.

The company divides its physical race events into “SuperTri” and “By SuperTri" categories. The SuperTri events are company-developed properties that follow the unique triathlon format, which is discussed further below.

The “By SuperTri” includes the name-brand events that SuperTri has recently acquired and added to its platform. These events still follow a more traditional triathlon format and maintain the company's original branding pre-acquisition. Also, they do not have the unique short course format of the company-developed events. However, they are stronger within the platform due to shared marketing, technology, and other overhead costs. They are now part of the broader SuperTri flywheel.

What Makes Supertri Different

Traditional triathlon is grueling. Races stretch for hours, often in remote locations, and are difficult to broadcast. Supertri-branded events flip that model on its head:

• Short-course, high-intensity racing: Events are designed to be completed in under an hour. They are fast, dynamic, and spectator-friendly. The races consist of three back-to-back rounds of swim (300 meters), bike (4 kilometers), and run (1.6 kilometers).

• Team-based formats: Unlike most triathlons, which are individual pursuits, Supertri leans into strategy by featuring professional teams.

• Urban settings: Races take place in cities or stadium-like courses.

• Supertri E: A hybrid format that blends in-person racing with esports. It’s been recognized by World Triathlon and featured during Olympic Esports Week.

I think one of the most important considerations of the SuperTri business model is focusing on both mass participation and professional events, often times blended into one. Pro racing at the front, mass participation in the middle, and digital engagement around the edges. I’m not as bullish on the potential of standalone professional endurance sports leagues for a variety of reasons, but I do believe there is a lot of potential for them to be used in conjunction to mass participation events to augment the growth of the sport and subsidize some of the administrative and logistical costs with managing a race,

Consolidation in Action

In Part 2 of my Endurance Race Series (The Endurance Economy: M&A Activity), I addressed a few of the key drivers of consolidation in the Endurance Race industry, namely a fragmented market, synergies through shared back office infrastructure, and ecosystem building through diversification of geographies, race calendar, and brands. Supertri has made a string of notable acquisitions:

• Toronto Triathlon Festival (Aug 2024): Their first Canadian event, attracting 1,750+ athletes annually.

• Ascension Seton CapTex Tri & Kerrville Triathlon (Feb 2025): Two Texas staples that remain locally branded but operate under the "By Supertri" banner. (I was actually dodging road closures this morning as the SuperTri event happened in Austin).

• Chicago & NYC Triathlons (2024) – The Chicago Triathlon is the largest in North America.

• Long Beach Legacy Triathlon (2023) – The Long Beach Legacy Triathlon is on the same course that will be used for the 2028 Los Angeles Olympics.

SuperTri did not disclose any transaction details for any of the above races. All acquired events retain their original names and character, but now benefit from Supertri’s production capabilities and operational support.

Capital to Scale

Supertri has raised $21.7M to date, backed by firms like Sealyham Investments and RTP Global. Now it’s looking to raise an additional $60M. According to Bloomberg’s Business of Sports newsletter, the company is in active talks with family offices, sovereign wealth funds, and sport-tech VCs. Their goal: build a global triathlon ecosystem valued at $ 630 M+ by 2030.

Why It Matters

Supertri is part of a broader movement across fitness, where companies are rethinking what the customer journey looks like. In triathlon, that means:

• Making the sport more accessible

• Bringing professional racing closer to the everyday athlete

• Turning local races into full-spectrum events: competition, community, and content

Supertri isn’t trying to be Ironman. It’s trying to be something else unique, something that lives at the intersection of sport, media, and mass participation. If it succeeds, it may just redefine what triathlon looks like for the next generation of athletes.

Thanks as always for reading!