McKinney EDC and Innovation Fund Celebrates Portfolio Companies Coming Together In Strategic Merger

Investors, friends and family members joined together on March 24 at the headquarters of the McKinney Economic Development Corporation (MEDC) to hear the plans for a merger between two Innovation Fund portfolio companies.

During the event, Denny Darmo, founder and chief executive officer of Snipitz Global Inc. and Andrew Naugher, founder and chief executive officer of Media X Partners Inc. announced plans for the formation of Providential Media Group Inc. (PMG), to be based in McKinney, Texas. The new company will combine technologies and an experience sports tech and marketing staff to accelerate growth in the $225 billion fan engagement, sports media and data markets.

“The intersection of sports and technology is such an exciting space,” said Michael Kowski, MEDC president & CEO. “Now to have two of our Innovation Fund portfolio companies see the opportunity to merger and grow here in McKinney is the perfect representation of our passion for innovation and improvement in the sports and entertainment space. We’re thrilled to have them a part of our community!”

The MEDC created the Innovation Fund in Jan. 2020 in order to spur high-tech job creation within McKinney to establish the city as an innovation hub. The Fund provides non-dilutive capital to selected startups during stages when capital is often more difficult to come by and realizes its return when the startup finds success in McKinney and creates local jobs.

Target verticals include AI/ML, sports tech, B2B SaaS, Future of Work (AR/VR), Big Data, IoT, Cybersecurity, FinTech, and Semiconductors.

“We’re honored the MEDC, and the Innovation Fund gave both our companies strong validation with their non-dilutive equity grant,” said Darmo. “Now to give us time and a platform to share our vision for the future speaks highly of their commitment to growing the McKinney startup ecosystem. This is a great place for any company but especially a sports tech company to thrive.”