At the 2015 Women’s World Cup final, as Team USA cruised to victory amid an electrified crowd, venture capitalist Kara Nortman faced an unforeseen challenge: She couldn’t buy World Cup jerseys for her daughters. This disconnect between the stadium’s palpable excitement and the lack of available merchandise sparked an interest that would reshape Nortman’s career.
“I couldn’t understand it,” Northman explained in our recent interview. “Everyone was like, ‘You’re the only one who needs to see women play football more than once every 4 years. ‘ But there were a lot more. “Other people on Instagram besides me didn’t think it was good. “
As the spouse of venture capital firm Upfront Ventures, Nortman built a successful career identifying promising startups in the male-dominated generation sector. Now she is ready to apply the same idea to some other area where women’s contributions have traditionally been underestimated.
The women’s gaming landscape that Nortman entered was endowed with vast untapped potential. Despite passionate fans, the women’s game is chronically underestimated by advertisers, broadcasters and investors. However, in recent years a significant change has been observed. The price of the women’s game is expected to surpass $1 billion by 2024, with revenue developing at an annual rate of 16%. Viewership is also increasing, with the 2023 FIFA Women’s World Cup attracting a record global audience of 2 billion viewers, up 30% from the 2019 tournament. Additionally, sponsorship deals for women’s games have seen an increase. 20% year-on-year since 2020.
Nortman’s growing interest in women’s games led him to play an advisory role with the US Women’s National Team Players Association and co-founded Angel City FC, an NWSL expansion team in Los Angeles.
“We went from 0 to over 30 million [fans] in two years,” Nortman says, noting its immediate success. Angel City FC temporarily has one of the most valuable teams in women’s soccer, with a recent valuation hovering around $200 million. The team not only brought another franchise into the league; It reinvented game ownership and network participation. Their network sponsorship and engagement strategy has set new standards in the industry, with NWSL Commissioner Jessica Berman highlighting how they reflect “the immense prospect of expansion of the women’s game when used with forward-thinking business models. ” “.
Taking advantage of Angel City FC’s good fortune, Nortman co-founded the $150 million investment company Monarch Collective in 2023 with his spouse Jasmine Robinson, focused on women’s sports. We are a non-concessional fund,” says Nortman. We hope to be the most successful platform on the market, but we also have a real impact on metrics and stay true to them. “The fund aims to capitalise on the expansion of women’s sport by investing in adjacent teams. leagues and companies.
Although recent occasions like Caitlin Clark’s record-breaking performance in NCAA women’s basketball have brought increased attention to women’s sports (what many other people call the “Christopher Columbus moment,” Nortman is quick to point out that this good luck isn’t an overnight phenomenon). . “ The WNBA was filling stadiums 25 years ago,” she notes, emphasizing the long-standing appeal of women’s sport that is overlooked.
For Northman, the creation of Monarch Collective was not only a turning point in his career; It was the culmination of long-standing passions corresponding to his professional experience. Her work with All Raise, a nonprofit focused on expanding women’s representation and investment in venture capital and technology, had in the past demonstrated her commitment to creating gender equity in spaces where traditionally, women have lacked voice or investment. “I think a lot of other people in my life have thought that [gender equity paintings] are my nonprofit passion,” reflects Nortman. “And I had divided my life between my lucrative passions and my non-profit passions. And in the last five or 10 years, those two things have come together in a way that I couldn’t imagine. “
This convergence of goals and career did not happen overnight. Northman advises, “Create an area so things don’t have to be your chore or are vital and just see if they stick. ” He highlights the importance of leaving room for interests to evolve naturally. “Well, does that wake you up in the middle of the night? And that’s what started happening for me with women’s soccer. “
Nortman’s journey from venture capital to gaming entrepreneurship demonstrates how expertise in one sector can drive innovation in another. Her ability to apply venture capital principles to women’s games has not only created new investment opportunities, but has also challenged long-standing criteria about fan ownership and engagement. As women’s football continues to gain momentum, Nortman’s technique is likely to serve as a style for the long-term expansion and progression of this evolving sector.
Watch the full interview here.
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