Orreco’s U.S. Success Story
How this SMB from Ireland in the Mobile Technology/ Mobile Applications industry made it in the U.S.A
Country Of Origin Ireland
U.S. HQ. Los Angeles, USA
Industry Mobile Technology/ Mobile Applications
Year Founded 2010
Number Of Employees 15 full-time employees and 10 contracted
Annual revenue $1.3 (Estimated)
About Orreco
Orreco is an Ireland-based startup that focuses on using machine learning and performance statistics to enhance athletic performance. The company takes streams of data from an individual athlete or a team into the company’s cloud-based systems called TrackOR. The data captured may include blood tests and performance tests. TrackOR system also analyzes travel schedules and match statistics to help individualize eating, sleeping, and recovery plans. The TrackOR system also delivers actionable insights and strategies that help in keeping players off the bench and ready to perform.
The US Expansion
Orreco recently opened a new high-tech office set within the campus of Sports Rehab Los Angeles. Coincidentally, this is one of the most high-profile sports training and recovery centers in the US. It is commendable that the Sports Rehab LA has some of the world’s most famous sports stars on its books. This includes the biggest names in basketball, American football, and golf.
The expansion to Los Angeles will allow the company to deliver a truly world-leading offering for elite athletes in the US. The elite athletes form a significant market for the company. Currently, Orreco is looking for evidence-based and clinically proven technologies that can help clients get even better. Orreco’s actionable data solutions have already gained significant tractions with high-end sportsmen and sports associations. For instance, Formula 1 and on the PGA tour uses Orreco. Moreover, players and teams in the NFL, NBA, MLB, and NHL are using the Orreco Data solution. Pro-golfers Henrik Stenson of Sweden and USRyder Cup star Patrick Reed are some of the famous sportsmen using Orreco.
At present, the company team comprises 16 PhDs who previously worked with 35 Olympic medalists since the 2000 Olympics. The same groups of people will be used to deliver the company’s product to the US market. With the US expansion plan, Orreco’s technical team has been expanded to include Dr. Andy Barr and Dr. Ara Suppiah. Andy was in the head of performance at the New York Knicks and Manchester City. On the other side, Ara was the team physician to the winning 2016 US Ryder Cup team. Keith Wood, former captain of Ireland’s international rugby team has taken on an executive director role.
The Performance Partnership to Foster the US Expansion
Orreco has teamed up with USA Swimming, the National Governing Body for the sport of swimming in the United States. The collaboration aims to raise awareness for the groundbreaking FitrWoman app. The awareness campaign strives to let people understand the impact of the sport of swimming on the female hormonal system. USA Swimming confirmed that they came into the partnership to get innovative ways to assist in reducing injuries or illnesses.
Most notably, USA Swimming is the first US NGB to collaborate with the FitrWoman app. As per the partnership, Orreco scientists and performance experts will work with USA Swimming staff to deliver coach and athlete education workshops. In addition, the two teams will conduct swimming specific research to benefit girls and women in the sport.
The partnership brings the opportunity to deliver cutting-edge science to the girls and women of USA Swimming. With the partnership between Orreco and USA swimming, the FitrWoman app will help swimmers utilize the power of the hormonal cycle to be their best on any given day. This partnership also aims to take a leadership position and support female athlete research globally.
Funding the US Expansion
With the new investment, Orreco will focus on product development, to hire more employees, and expand its presence in the US. Orreco used a large fraction of the raised funds for relocating its main office from Ireland to Los Angeles. Previously, the company raised $2.5 million from angel investors, including Tom Killalea, former VP of technology at Amazon.
Additionally, the company received $2 million in February 2017. These funds were used as an investment to promote the growth of the company in the US market. Arguably, the company used the funds for its expansion to the US as well as in Europe. Moreover, the company used a measurable fraction of the funds to develop its pioneering product suite of sports science and data solutions for professional sports.
After experiencing the benefits of Orreco’s services first hand, PGA tour and major winning golfers Padraig Harrington and Graeme McDowell also became investors. Among the first institutional investor in fitness tracker brand, Fitbit was True Ventures. True ventures had an early investment in Athos, maker of smart performance sports apparel.
Sources
Note: This company is not a client of, or associated in any other way with, Mount Bonnell Advisors, or has been involved in this publication. This content has been produced using the following information sources in the public domain: