VC Kara Nortman made an early investment in women’s sports, and today she is actively shaping the industry.

Angel City FC: Redefining the Playbook for Women’s Sports Investment

Earlier this month, Angel City FC wrapped up its season in 11th place out of 13 teams—a result that fell short of expectations for the Los Angeles-based soccer club co-founded by venture capitalist Kara Nortman in 2020. Yet, the team’s on-field challenges are only a small part of a much broader transformation that is changing how investors approach women’s sports.

Even without a winning record, Angel City has become a model for building a successful women’s sports organization. The club’s high-profile ownership group, featuring celebrities like Natalie Portman and Serena Williams, has generated remarkable excitement. Angel City also set new standards in sponsorship deals, breaking records before the team even played its first match.

“We went from nothing to $30 million in revenue. We sold out our matches. We achieved what many thought was impossible,” Nortman shared in a recent interview, highlighting the team’s commercial achievements from the outset. “That success was the foundation for Monarch.”

Rather than focusing solely on trophies, Angel City’s financial accomplishments became the inspiration for Monarch Collective—a $250 million fund Nortman launched in 2023, dedicated exclusively to investing in women’s sports. While Monarch’s roots are in a team still seeking its first playoff win, the fund’s reach now extends well beyond Angel City’s home base in Thousand Oaks, California.

Monarch Collective currently holds ownership stakes in three additional National Women’s Soccer League teams: San Diego Wave, Boston Legacy FC (set to debut next year), and most recently, FC Viktoria Berlin. The acquisition of a 38% share in the German club marked Monarch as the first international investor in a German women’s soccer team.

This diverse portfolio reflects Nortman’s belief that women’s sports are at a pivotal moment, regardless of any single team’s performance. The data backs up her optimism.

“Globally, men’s sports generate about $500 billion,” Nortman explains. “When we started Monarch in 2023, women’s sports were estimated at around $500 million. That figure has now climbed to nearly $3 billion.”

Nortman emphasizes that capitalizing on this growth requires a unique approach. “You can’t just copy what works in men’s sports,” she says. “How many men’s teams are dropping Sephora boxes from the rafters, or hosting Fenty lipstick cams at games, or collaborating with Hello Kitty for sold-out merchandise nights?”

Angel City’s creative marketing and partnership strategies generated so much excitement that last fall, Bob Iger and Willow Bay purchased a majority stake in the club for $250 million, making it the most valuable women’s sports franchise worldwide.

For Nortman, who left a traditional venture capital career at Upfront Ventures to focus on women’s sports full-time, Angel City’s business success continues to reinforce Monarch’s investment thesis. While there’s ongoing debate—especially in the sports media—about the balance between Angel City’s commercial achievements and its on-field results, the team has clearly demonstrated that women’s sports can be highly profitable with the right strategy.

Building for the Long Term

With this momentum, the pressing question is whether the growth can be sustained. Nortman is keenly aware that women’s sports have experienced fleeting moments of popularity before. She often cites a historical example from 1920, when 60,000 fans attended a women’s football match in Liverpool—more than most Premier League games today. The following year, the English Football Association banned women from playing, causing the sport to vanish for decades.

“Everyone discovers women’s sports at their own pace,” Nortman observes. “But maintaining that interest takes persistent, dedicated effort.”

She argues that lasting progress depends on more than just the buzz from breakout stars like Caitlin Clark or Angel Reese. It requires deliberate investment in infrastructure, governance, and operations—the foundational work needed to build enduring organizations.

Monarch’s Distinct Investment Strategy

Monarch’s approach stands apart from traditional venture capital. Instead of spreading investments across numerous startups, Monarch focuses on a select group of teams and leagues, taking an active role in their operations. The fund describes its method as “venture-like markets” combined with “growth equity or private equity-style” risk management.

“We work closely with majority owners to deliver significant operational value,” Nortman explains. The aim is to help teams achieve financial sustainability, positioning them to benefit as media revenues increase.

Monarch’s interests go beyond soccer. The fund targets sports that Nortman describes as having “no product-market risk”—established competitions with proven audiences.

“Is this a sport people want to watch on TV or online?” she asks. “Some sports, like pickleball, are fun to play, but will fans tune in to watch?”

Currently, Monarch holds stakes in four soccer clubs, but the fund is also eyeing women’s basketball, golf, and tennis—sports with strong media revenue potential and existing infrastructure.

Growing Support and a Shifting Landscape

Monarch’s investors include Melinda French Gates, former Netflix executives, and other high-net-worth individuals. Interest in the fund’s mission is rising. Monarch’s initial $250 million fund far exceeded the $100 million Nortman and co-founder Jasmine Robinson (formerly of Causeway) originally planned to raise—a testament to the market’s rapid evolution during the fundraising process.

“When we started, most people doubted women’s basketball,” Nortman recalls. “But after Caitlin Clark’s breakout and record WNBA viewership, basketball quickly became the hottest area in women’s sports.”

This surge in enthusiasm supports Nortman’s belief that investing in women’s sports is about nurturing an ecosystem where many teams can succeed. Some will win titles, others may struggle competitively but thrive financially. The essential factor is distributing enough capital and expertise across the sector to withstand setbacks.

Angel City’s example is already inspiring others. “We’ve seen new female-led ownership groups in Kansas City, Bay FC, and the Washington D.C. Spirit, all showing they can build real, profitable businesses,” Nortman notes. Angel City has become a blueprint, intentionally or not.

The Road Ahead for Women’s Sports

As women’s sports enters a period of sustained growth—with new teams like the Golden State Valkyries joining the WNBA, the NWSL expanding, and media rights deals increasing—Nortman remains cautiously hopeful that this wave of interest will endure.

She believes the key lies in strong league management, committed ownership, infrastructure development, and authentic community engagement. While media attention opens doors, operational excellence ensures lasting success.

“Every surge in interest is a chance to create a lasting experience,” Nortman says. “You have to examine all the fundamentals to determine what will truly last.”