Thrive Capital led VCs into pro sports ownership; Collaborative Fund just upped that play

Collaborative Fund, a New York venture firm with about $1 billion under management, has taken a stake in MLS side D.C. United and its Audi Field stadium. The move follows a recent push by venture investors into professional sports ownership and reflects Collaborative’s intent to use the stadium as a live marketing and distribution channel for its portfolio companies.

By AI NewsroomPublished about 1 hour agoUpdated about 1 hour ago0 views

Thrive Capital led VCs into pro sports ownership; Collaborative Fund just upped that play

Why It Matters

This deal illustrates a growing trend of venture firms applying startup resources and distribution strategies to sports franchises rather than treating them solely as long-term trophy assets. For Collaborative, the stadium offers a predictable, large-scale audience where portfolio brands can be trialed and promoted, potentially changing how VCs think about exits and returns.

Key Facts

Buyer: Collaborative Fund (New York-based venture firm)
Assets acquired: Stake in D.C. United and Audi Field
Firm age: 15 years
Assets under management: Roughly $1 billion
Notable prior investments: Lyft, Reddit, Sweetgreen, Olipop, Whoop (portfolio companies cited)

Collaborative Fund has purchased a minority stake in Major League Soccer club D.C. United and taken an ownership position in Audi Field, the team’s stadium in Washington, D.C. The New York–based venture firm, which manages about $1 billion and has been active for roughly 15 years, has backed startups including Lyft, Reddit, Sweetgreen and beverage brand Olipop.

The deal follows a recent wave of venture and alternative-capital interest in professional sports ownership. Joshua Kushner’s Thrive Capital launched a permanent-capital vehicle, Thrive Eternal, that flagged its intent to hold iconic franchises and cultural institutions; that effort included a stake in the San Francisco Giants and, with former Disney CEO Bob Iger joining as co-owner, an outright acquisition of the Los Angeles Lakers for $12.5 billion. Traditionally, ownership has come from individual tech fortunes or private equity groups — recent examples include the Khosla family’s purchase of the Seattle Seahawks for $9.6 billion and stakes held by firms such as Sixth Street, Ares, RedBird and Arctos across multiple leagues.

Collaborative Fund’s approach differs from Thrive’s permanent-capital model. Founder and managing partner Craig Shapiro has framed the transaction not just as an investment in an appreciating asset but as an operational extension of the firm’s work: Audi Field becomes a venue to showcase and distribute products from Collaborative’s portfolio. Shapiro cited structural tailwinds for American soccer — including the recent World Cup, the upcoming Los Angeles Olympics and growing youth participation — as well as D.C. United’s ownership of Audi Field, development ties in Loudoun County, Virginia, and rights related to a future Baltimore expansion team. He has suggested activations such as WHOOP wearable experiences for fans or Olipop being sold through game-day concessions.

Sports franchise valuations have been rising, a factor that likely appealed to investors: MLS club values have climbed sharply in recent years — Inter Miami’s franchise roughly doubled after Lionel Messi’s arrival, the league’s average club value is up about 134% since 2019, and D.C. United’s valuation has increased from about $35 million in 2008 to roughly $785 million today when its stadium and nearby real estate are included. The Collaborative Fund transaction remains subject to approval from Major League Soccer.