StrictlyVC Download How Monarch Collective scored some of the biggest early deals in women's sports
Oct 7, 2025
Kara Nortman, co-founder of Monarch Collective and Angel City Football Club, dives into the booming world of women's sports investing. She discusses her transition from tech VC to launching a $250 million fund dedicated to women’s sports, capitalizing on a market that’s exploding. Nortman reveals their unique investment strategy involving concentrated bets and hands-on operations. The conversation also touches on revenue generation, ownership structures, and the historical significance of the Dick Kerr Ladies, all while pondering the sustainability of this exciting industry.
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Be A True Operating Partner
- Be a hands-on investor: help hire leaders, design facilities, and shape fan experience.
- Treat early team investments as operational partnerships, not passive holdings.
Concentrated Bets, Scalable Operations
- Monarch makes few concentrated bets (7–9) and then scales via hiring strong leadership at each team.
- Deep early work is intended to create operational flywheels so owners can later run independently.
Franchise Fees Skyrocketed
- Franchise fees exploded from $2M to $110M in a few years as market liquidity and competition rose.
- Early buyers saw steep valuation appreciation driven by scarce premium brands and buyer demand.