Monarch Collective, the investment firm exclusively focused on women’s sports, has significantly expanded its financial commitment by increasing its fund to $250 million. This growth positions the fund as a major player in the rapidly expanding women’s sports market.
Co-founded by Kara Nortman, former partner at Upfront Ventures and founder of Angel City Football Club, and Jasmine Robinson, former Causeway investor with experience in operations for the San Francisco 49ers, Monarch Collective initially launched in 2023 with a $100 million fund focused on women’s teams and leagues.
The fund’s strategy targets investments in professional sports teams, leagues, and media rights, with a portfolio that already includes three National Women’s Soccer League (NWSL) teams: Angel City Football Club, BOS Nation FC, and the San Diego Wave FC.
This expansion comes as women’s sports are experiencing unprecedented growth across multiple metrics. The NWSL reached 2 million total attendance last year, while the Women’s March Madness tournament set record viewership and revenue. The Women’s National Basketball Association (WNBA) has also seen a significant increase in sell-outs since star player Caitlin Clark joined for the 2024 season.
High-profile investors have contributed to the majority of this new capital, including Melinda French Gates’s Pivotal Ventures, Hello Sunshine CEO Sarah Harden, and Beth Brooke, former global vice chairman of public policy at EY.
When Monarch first launched, Nortman described the opportunity as “an arbitrage on sexism,” noting: “There’s an opportunity to get in at what should be historically low valuations in teams and leagues, that are at the beginning of a media rights cycle—which is a very well understood revenue stream. So, if you’re disciplined, if you have the right fund size, if you’re showing up and actually doing work, you can get venture-like returns with very low risk.”
Monarch’s investment approach focuses on operational and value-added capital, aiming to build supportive communities and deploy innovative strategies to drive success in women’s sports. The fund targets global sports including soccer, basketball, cycling, cricket, golf, and tennis.
“I often feel like I’m in ‘Back to the Future II’ with the almanac, in terms of knowing the future of sports,” Nortman shared in an earlier interview with Axios. “We believe we’re riding the media curve, and can learn from the existing men’s leagues while realizing that the dynamics are changing in terms of how people watch sports and how sports leagues build community.”
With the expanded fund, Monarch Collective is positioned to capitalize on the continued growth in women’s sports viewership, merchandise sales, and ticket revenues, further accelerating investment in this rapidly developing market segment.
