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This week on StrictlyVC Download, TechCrunch Editor-in-Chief Connie Loizos speaks with Kara Nortman, co-founder of Monarch Collective, the first fund dedicated exclusively to women’s sports. Nortman launched this $250 million fund in 2023—right before women’s sports exploded into the mainstream. But she didn’t just get lucky: she helped create the market by co-founding Angel City Football Club, which went from zero to $30 million in revenue and proved you could pack stadiums for women’s soccer. The two discuss Monarch’s unusual approach, wherein the team makes highly concentrated bets, then invests time that most PE firms would not. They also discuss into whether the numbers work, where the revenue actually comes from (merchandise, sponsorships, ticket sales, media deals), and whether this boom is sustainable.
00:00 - Introduction 01:40 - From tech VC to women's sports: Kara's journey 03:30 - The fundraising strategy and pitch for Monarch Collective 05:00 - Did they see the Caitlin Clark boom coming? 06:45 - Learning from history: the Dick Kerr Ladies story 08:30 - The operational playbook: why passive doesn't exist 11:37 - Can this model scale? Seven to nine concentrated bets 13:40 - Franchise fee explosion: from $2M to $110M 15:00 - The ownership structure debate in women's sports 17:20 - How do you value a women's sports team? 20:00 - Revenue streams: where does the money come from? 23:29 - Competition and first mover advantage 25:00 - Why big PE firms are downstream from Monarch 27:00 - The LP base: family offices and institutions 29:01 - What's next: Europe and beyond
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