Tiger Woods-Backed TMRW Sports Valued at About $500 Million

TMRW Sports, the company whose co-founders include pro golfers Tiger Woods and Rory McIlroy, secured backing from Dynasty Equity Partners, the investment firm co-founded by K. Don Cornwell and Jonathan Nelson.

The funding round, led by Dynasty and Connect Ventures, values TMRW at about $500 million, according to people with knowledge of the matter.

The capital injection will fuel “expansion into new formats, leagues, territories and media properties,” said Michael Blank, Connect Ventures, which is a partnership between Creative Artists Agency and New Enterprise Associates.

The company’s first project is a partnership with the PGA Tour for ...