Saudi Fund Invests $40 Million in Moritz-Backed Triathlon Series

The sports arm of Saudi Arabia’s Public Investment Fund, SURJ, has completed a funding round for the organizers behind the T100 Triathlon Tour, in efforts to grow the series and expand its presence in the Middle East.

The investment by SURJ is part of a Series C funding round for the Professional Triathletes Organisation, contributing to an estimated total raise of $40 million. Bloomberg first reported on the talks earlier this month.

Following initial funding in 2020 from founding investor and billionaire venture capitalist Michael Moritz, the PTO has also attracted money from San Francisco-based Cordillera Investment Partners and ...