FLO is not about racing, it streams all types of sports. Their website has some information and here is what it says about how they got started.

Mark Floreani co-founded FloSports in 2006 with Martin Floreani and Madhu Venkatesan, filling a need in the market for high quality live broadcasts and original content by athletes, for athletes. An All-American track star at the University of Texas, Mark found early success filming athletes when he posted a video of the first American to break the hour barrier in the half-marathon. It went viral, kick-starting a journey that resulted in FloSports becoming a premier sports media company. Mark became CEO in 2018 and led the company to its most successful year to date in 2019. Fun fact: Mark co-founded Flo with just $20k and a van.