Saudi Arabia’s Public Investment Fund sports division, SURJ, has participated in a US$40 million series C funding round for the Professional Triathletes Organisation (PTO).

The investment aims to expand the T100 Triathlon Tour and enhance its presence in the Middle East.

The T100 series, launched by the PTO last year, features a 100-kilometer race format.

This includes a 2 km swim, an 80 km bike ride, and an 18 km run.

The series has already taken place in cities such as London and Dubai.

Saudi Arabia is expected to host future events following SURJ’s investment.

Other investors in the PTO include billionaire venture capitalist Michael Moritz, Cordillera Investment Partners from San Francisco, and Warner Bros. Discovery.