Lightspeed Brings 10 Startups to Miami F1, Closing 3 Deals Through New Formula 1 Program
Updated
Updated · TechCrunch · May 10
Lightspeed Brings 10 Startups to Miami F1, Closing 3 Deals Through New Formula 1 Program
9 articles · Updated · TechCrunch · May 10
Lightspeed said its new Formula 1 program brought 10 portfolio companies to the Miami Grand Prix paddock and helped produce three deals over the weekend, including one handshake agreement for a blockchain startup and two for an AI infrastructure company.
The venture firm said it has a formal arrangement with Formula 1 covering the three U.S. races—Miami, Austin and Las Vegas—and used Aston Martin Aramco and other teams to introduce founders to enterprise buyers.
Josh Machiz, who joined Lightspeed months ago, framed the effort as an alternative to traditional founder retreats, arguing F1 offers one of the densest concentrations of CIOs, CISOs, CEOs and other buyers.
The push reflects a broader shift in Formula 1 over the past three to five years as tech and AI sponsors have flooded the sport, turning the paddock into a high-end networking hub for founders, investors and corporate customers.
Lightspeed plans to keep the program running through the U.S. season and expand it internationally, with a smaller group of European founders expected at Silverstone later this year.
As tech money floods into F1, is this a sustainable economic model or a volatile bubble waiting to burst?
Can F1's core sporting identity survive its transformation into a playground for tech elites?
With F1 networking costing five figures, are startups finding real opportunities or just an expensive new echo chamber?