The Monarch Collective, a prominent investment firm backed by billionaires, is significantly increasing its financial resources to capitalize on the burgeoning popularity of women’s sports. Originally launched in 2023 with a fund size of $150 million, Monarch is now expanding to $250 million, largely due to additional investments from existing backers.

A Diverse Group of Investors

The firm has garnered support from several influential figures, including Melinda French Gates’ Pivotal Ventures, Hello Sunshine CEO Sarah Harden, and former Netflix executive Cindy Holland, alongside partner Annie Imhoff. New investors have also joined the ranks, such as Beth Brooke of Ernst & Young and Elizabeth Yee from The Rockefeller Foundation.

Leadership Perspectives

Kara Nortman, co-founder and managing partner of Monarch, expressed confidence in their position, stating, “We’ll be the largest fund in women’s sports. You hear a lot of noise about people starting it now, but we’ve been at it for awhile.”

Focus on Women’s Sports

Monarch Collective is dedicated to investing in women’s sports, focusing on leagues, teams, and media rights. Nortman, who has significant experience in venture capital and co-founded the National Women’s Soccer League’s Angel City FC, leads the company’s strategic direction. “We tend to focus on the most mature women’s sports,” she explained, adding that their investments target leagues with a predictable revenue growth trajectory.

Partnership and Involvement

Although Monarch Collective typically acquires minority stakes in its investments, it actively collaborates with team owners in various operational aspects. Nortman elaborated, “We’re doing day-to-day, hands-on work alongside the control owner in terms of hiring teams, designing practice facilities, being a sounding board when something goes right or something goes wrong.” This engagement enhances their investment strategy and solidifies their commitment to the growth of women’s sports.

Current Investments

To date, the firm has invested in three teams within the National Women’s Soccer League (NWSL)—Angel City FC, BOS Nation, and the San Diego Wave. Notably, Angel City recently achieved a record valuation of $250 million after a controlling stake was sold to journalist Willow Bay and Disney CEO Bob Iger.

Potential for Future Growth

The surge in interest surrounding women’s sports has positioned Monarch Collective as a pioneer in this field. Recent successes in leagues such as the Women’s National Basketball Association (WNBA), driven by standout players like Caitlin Clark and Angel Reese, have significantly boosted audience ratings and attracted advertisers. Nortman highlighted the escalating demand from investors, stating, “There’s no denying that women’s sports is surging, and that we’re also pioneers and experts in this.”

Investment Strategy Moving Forward

Looking ahead, Monarch Collective aims to broaden its investments both domestically and internationally. Nortman mentioned their focus on identifying opportunities where potential media rights could increase as leagues mature. For instance, future renegotiations for WNBA media contracts—currently valued at $2.2 billion over 11 years—could reflect the league’s growth in popularity after the upcoming 2028 season.