Monarch Collective, the investment fund focused on women’s sports, has entered the European market by acquiring a 38% stake in German soccer club FC Viktoria Berlin.
The deal sees Monarch Collective become the first foreign investor to acquire a stake in a German women’s soccer team, with the agreement struck under the country’s ‘50+1’ club ownership rules, which prohibit private or commercial investors from acquiring a majority stake so as to ensure members retain overall control.
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It is also Monarch Collective’s first investment outside the US, adding to a portfolio that already includes stakes in the National Women’s Soccer League’s Angel City FC, San Diego Wave FC, and expansion side Boston Legacy, which will enter the league in 2026.
Monarch Collective was launched by investor Kara Nortman in March 2023 and raised a $150 million fund to invest in women's sports leagues and clubs nearly two years ago.
Nortman said the fund chose Germany as the starting point for its European expansion given the country's strong soccer culture, and the German Football Association’s (DFB) €100 million investment in the women’s Bundesliga.
The DFB is also preparing to vote on whether to spin off the Frauen Bundesliga into an independent entity.
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By GlobalDataCommenting on its acquisition, Monarch Collective said: “Having done this kind of work across Europe, we are partnering with FC Viktoria because we firmly believe that Berlin and Germany are uniquely positioned to support a world-class women’s football.
“The fundamentals in Germany are equally evident. Germany’s women’s national team holds an unprecedented eight UEFA Women’s Euro titles – including six consecutive championships from 1995 to 2013 – demonstrating the country’s deep commitment to excellence in women’s football.
“The DFB and Two Circles project that the Frauen Bundesliga will reach €130 million in commercial revenue by 2031/32, and we think there could be even more upside opportunity ahead as the league reportedly explores the creation of a new league entity to further professionalize and reform.”
The Viktoria Berlin Women’s team was launched in 2022 by six women, including venture capitalist Verena Pauser and former German player Ariane Hingst. They currently play in the German second division, Bundesliga 2, having been promoted from the third tier last season.
Monarch Collective said it would focus on helping the team gain promotion into the top-tier Frauen Bundesliga “in the near future,” adding: “Over the next several years, Viktoria will build on their strong foundation across matchday experience, community engagement, partnerships, and overall impact, underpinned by investment to drive on-pitch performance.”
The acquisition comes eight months after the fund raised an additional $100 million to invest further in women’s competitions, taking the firm's total fund to $250 million.
The latest funding round featured investment firm Pivotal Ventures, alongside individuals from Hello Sunshine, EY, and the Rockefeller Foundation.
Nortman has previously said she is specifically eyeing women’s soccer in Europe, as well as women's basketball, with the latter sport having enjoyed a massive surge in popularity in the US in the last two years or so.
It was reported earlier this year that Monarch Collective was in talks to take a minority stake in the women’s side of English top-tier club West Ham United, with the fund looking to acquire 49% of the Women’s Super League team.
