The family offices for billionaire sports team owners Dan Gilbert and David Blitzer have invested in a $250 million funding round raised by Cosm, the maker of immersive video venues for watching sports and entertainment broadcasts.
Gilbert’s Rock family office and Blitzer’s Bolt Ventures invested in Cosm alongside Marc Lasry’s Avenue Sports Fund, Steve Winn’s Mirasol Capital and the investment management firm Baille Gifford. Gilbert, the Detroit real estate mogul, owns the Cleveland Cavaliers of the National Basketball Association. Blackstone executive Blitzer has equity in teams across North America’s top five sports leagues, including the National Football League's Washington Commanders.
"Avenue Sports Fund is thrilled to invest in Cosm, which has built a special business on a base of innovative technology that allows for the reimagination of the live experience for sports programming and a range of entertainment offerings," said Lasry, the co-founder of Avenue Capital Group and ex-owner of the NBA’s Milwaukee Bucks.
Cosm currently operates its first venue in Los Angeles with plans to open another in Dallas this year and a third coming to Atlanta’s Centennial Yards. Bloomberg News reported that Cosm is now valued at over $1 billion as it pushes to open 50 locations globally.
Cosm has deals with the NBA, UFC, ESPN, NBC Sports, Turner Sports, Fox Sports and Cirque du Soleil to showcase content in its movie-theater-type venues. The dome-shaped venues display content on LED screens that Cosm refers to as “shared reality.”