Company behind Enhanced Games loses nearly $62 million

The parent company behind the Enhanced Games, Enhanced Group Inc., backed by German-American entrepreneur, Peter Thiel, and Donald Trump Jr.’s investment firm, 1789 Capital, has reportedly lost nearly $62 million in the second quarter after the Enhanced Games debuted in Las Vegas in May. It posted a net loss of $61.9 million on revenue of $17.7 million. When Enhanced Group became a publicly traded company in May, it was valued at $1.2 billion, but its shares have lost roughly 84% of value since then.

Front Office Sports has reported that the company will put more money into expanding its supplements and its telehealth service, which is a digital platform that markets and prescribes performance enhancing treatments to the general public using the Enhanced Games as a marketing vehicle, rather than focusing on staging a major large-scale event.

It may also decide to host smaller events alongside the main Enhanced Games, dubbed ‘Enhanced Breakers,’ where athletes can also attempt to break world records. One of these smaller events took place on 11 July in Los Angeles and saw Icelandic strongman, Thor Björnsson, fall short of the 511kg deadlift world record and Dominican weightlifter, Beatriz Piron, set a new women’s 53kg snatch world record at 100kg.

The company also claims to have lost money due to a clinical trial for a supplement, and due to the costs associated with becoming a publicly traded company. It is also worth noting that “the inaugural Enhanced Games produced one unofficial world record while others were nearly broken, but one unexpected result stood out: Athletes who said they were competing without performance-enhancing drugs won multiple events against enhanced rivals.”

In the Enhanced Group’s press release, it stated that its loss reflects “an intentional decision to invest heavily in its inaugural Enhanced Games, as the foundational platform for both its sports business and as a customer acquisition engine for its performance medicine platform.”

It says it had secured $32 million from 10 sponsors for this year’s Enhanced Games.

Planning for the next Enhanced Games is reportedly going ahead, with Enhanced Group having raised $50 million in investment, led by the family office of Enhanced Games co-founder and chairman, German entrepreneur Christian Angermayer, known as Apeiron Investment Group.

Enhanced Group’s official statement can be found here. 

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