Angel City FC may have finished 11th out of 13 teams in its season, but the Los Angeles soccer franchise has become a case study in how to construct a successful women’s sports property. Co-founded by venture capitalist Kara Nortman in 2020, the team has attracted significant attention and commercial success despite its on-field struggles.
The team’s celebrity ownership group, including Natalie Portman and Serena Williams, has played a significant role in generating buzz for the franchise. Angel City has also been successful in securing sponsorships and breaking records before the players even took to the field. This commercial success led to the formation of Monarch Collective, a $250 million fund launched by Nortman in 2023, focusing exclusively on women’s sports investments.
Monarch Collective now holds stakes in three other National Women’s Soccer League clubs, including a recent investment in FC Viktoria Berlin, making it the first foreign investor in a German women’s soccer team. Nortman believes that women’s sports have reached an inflection point, with the market growing significantly in recent years. She emphasizes the importance of a different approach in marketing and partnerships compared to traditional men’s sports.
Despite the commercial success of Angel City and Monarch Collective, Nortman recognizes the challenges in sustaining momentum in women’s sports. She points to historical examples where promising moments in women’s sports were not sustained due to lack of consistent investment and support. Monarch’s approach involves taking concentrated positions in a small number of teams and leagues, actively engaging in operations to build sustainable businesses.
Monarch’s investment interests extend beyond soccer to women’s basketball, golf, and tennis, focusing on sports with established audiences and media revenue potential. The fund’s limited partners include notable figures like Melinda French Gates and former Netflix executives, indicating a growing interest in women’s sports investments. Despite the challenges, Nortman remains optimistic about the future of women’s sports and the potential for continued growth and success in the industry.
The rapid maturation of the market during Monarch’s fundraising period has led to an increased size of investments in women’s sports. According to Nortman, the co-founder of Monarch, there was initially a lot of skepticism around women’s basketball, with many conversations dismissing it as not being a significant sector. However, with the rise of players like Caitlin Clark and the record-breaking viewership of the WNBA, basketball has become one of the hottest sectors in women’s sports.
This growing interest in women’s sports validates Nortman’s belief that investing in women’s sports is not just about finding one perfect team, but about supporting an entire ecosystem where multiple franchises can thrive. Some teams may win championships, while others may struggle competitively but succeed commercially. The key is to have enough capital and operational expertise spread across the market to withstand individual setbacks.
The success of Angel City has inspired other ownership groups to enter the market, such as teams in Kansas City, Bay FC, and Washington D.C. Spirit, all with female-led ownership groups. Angel City has become a template for other teams, showcasing that it is possible to build a successful business in women’s sports.
As women’s sports experiences a sustained boom period, with new teams like the Golden State Valkyries joining the WNBA next season and the NWSL expanding, Nortman remains cautiously optimistic about the future. She believes that the key to long-term success lies in strong league governance, owner commitment, infrastructure investment, and building genuine community connections. While media attention can create opportunities, operational excellence is what makes those opportunities sustainable.
Nortman emphasizes the importance of creating a consistent experience around every spike in interest in women’s sports. By looking at the underlying criteria and ensuring strong fundamentals are in place, the industry can ensure that this current surge of interest is here to stay. It’s not just about the hype; it’s about building a strong foundation for women’s sports to thrive in the long run.
