Illustration: Eniola Odetunde/Axios
Monarch Collective, a new investment firm focused on women's professional sports, has raised $100 million for its debut fund.
Why it matters: Monarch is seeking to fund what it views as the next big wave in pro sports, including investments in teams, leagues and adjacencies (e.g., media platforms, products, gaming).
- Private equity has begun plugging big money into pro sports, partially enabled by changes to league ownership rules, but most of it has been nine-figure checks into men's teams.
Backstory: Monarch was formed late last year by Kara Nortman, the former Upfront Ventures partner who co-founded the NWSL's Los Angles expansion club (Angel City), and Jasmine Robinson, a former Causeway investor who previously spent time in strategy operations for the San Francisco 49ers (she also grew up in a pro sports household, as her dad played in the NFL).
- Expect the focus to be global, on sports like soccer, basketball, cycling, cricket, golf and tennis.
What they're saying: "I often feel like I'm in 'Back to the Future II' with the almanac, in terms of knowing the future of sports … We believe we're riding the media curve, and can learn from the existing men's leagues while realizing that the dynamics are changing in terms of how people watch sports and how sports leagues build community." — Kara Nortman to Axios
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