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Collaborative Fund, a New York-based venture firm managing approximately $1 billion in assets, has acquired a stake in Major League Soccer’s D.C. United and its stadium, Audi Field. The investment marks another step in an emerging trend of venture capital firms entering professional sports ownership, a space traditionally dominated by individual tech entrepreneurs and private equity firms.
The move follows Thrive Capital’s groundbreaking entry into sports ownership through its Thrive Eternal vehicle, which was specifically designed to hold iconic franchises for the long term. Thrive made headlines by acquiring a stake in the San Francisco Giants and later purchasing the Los Angeles Lakers for a record $12.5 billion alongside former Disney CEO Bob Iger. This represents a departure from how venture money has historically flowed into sports, typically through personal wealth or private equity channels.
Collaborative Fund’s approach differs significantly from Thrive’s strategy. Rather than creating a separate permanent-capital fund, Collaborative is investing through its existing early-stage fund. Founder Craig Shapiro envisions the soccer franchise as more than an appreciating asset—he pitched it as infrastructure for the firm’s portfolio companies. The stadium’s predictable foot traffic offers a distribution channel for portfolio companies like fitness band maker Whoop and beverage brand Olipop, allowing them to activate at games and leverage the venue’s reach.
The investment also capitalizes on favorable market conditions for soccer valuations. D.C. United’s franchise value has surged from $35 million in 2008 to $785 million today, while Major League Soccer’s average club value has climbed roughly 134% since 2019. The deal remains subject to MLS approval.
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Originally reported by Techcrunch →
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