Billionaire -backed investment firm King Clecto has increased his fund size in light of the continuous increase in women’s sports popularity.
The fund, which is launched in 2023, is increasing from $ 150 million to $ 250 million, most of which comes from existing investors, including Melina French Gates’ main ventures, Hello Sanshine CEO Sarah Harden, and former executive Cindy Holland, Netflix.
The firm said in a announcement Thursday that new investors have also come to it, including Bait Brook, former Vice Chairman of Ernest and Young Public Policy Chairman, and the Executive Vice President of Programs at the Rockefeller Foundation, Elizabeth Yi.
“We will be the largest fund in women’s sports,” said Cara Nortman, co -founder and managing partner of Monagir. “You people hear a lot of noise about starting now, but we’ve been on it for a while.”
The king was formed to invest specially in the rights of collective women’s sports, especially the leagues, teams and the media.
Prior to Monacher, Nortman worked in a venture capital firm and was previously a co -head of the integration and acquisition group in the IAC. He also laid the foundation for the Angel City FC of the National Women’s Soccer League in 2020. He launched the firm, along with Jasmine Robinson, recently in the Causeway, which was a Growth Stage Investment Fund focused on sports, media, gaming and fitness. It also played a role in investing in various firms as well as NFL’s San Francisco 49ers.
Nortman said the kings generally invest in a minority stake with their investment, but work with team owners.
“We are working daily, getting teams services, designing practice facilities, when something goes well or something goes wrong, really thinking that it has experienced unique fans, in the matter of being a sound board, working with the control owner. [team’s] Market and how it binds it [team’s] Mission, “Nortman said.” And the amount we can invest in working against it has increased. “
So far, Monark has invested in three NWSL teams – Angel City FC, Bose Nation and San Diego View. Last year, Angel City sold a controlling stake for an unknown amount of journalist Willo Bay and Disney CEO Bob Egger for an unknown amount of $ 250 million. The firm said it was the highest record for the professional women’s sports team.
The king’s foundation was based on the basis of which has become the largest spike in popularity for women’s sports over the years. Specifically, Dukabaz Stars Catlin Clark and Angel Raz helped lift the Women’s National Basketball Association to record ratings last season, and in general, the audience around women’s sports has received ground and has attracted more advertisements.
As a result, investors want to participate in growth.
Nortman said, “It cannot be denied that women’s games are growing, and we are also pioneers and experts in it. So people keep coming to us, wanting to work with us to create business plans or really want to see things before investing.”
According to Thursday’s release, the king plans to invest in US and international teams nearby.
“We focus on women’s most firm sports,” said Nortman. “The basic thesis is that we can break, or even near the team’s level income.”
CNBC reported last year, for example, media rights for the WNBA can see the restoration of prices after the 2028 season. WNBA media rights were discussed as part of a major Billion 77 billion NBA deal, which began next season. The WNBA deal is $ 2.2 billion compared to 11 seasons.
