Collaborative Fund, a New York-based venture firm with approximately $1 billion under management, has acquired a stake in the Major League Soccer club D.C. United and its stadium, Audi Field. This investment marks the latest instance of a venture firm entering professional sports ownership, a trend that Thrive Capital reportedly initiated months prior.
Unlike Thrive Capital's dedicated permanent-capital vehicle, Thrive Eternal, Collaborative Fund is investing through its existing early-stage fund. Craig Shapiro, founder and managing partner of Collaborative Fund, described the deal as an extension of the firm's current activities, viewing a franchise as a significant consumer product.
Shapiro's strategy focuses on leveraging Audi Field as a 'living showcase' for Collaborative Fund's portfolio companies. For example, the firm envisions WHOOP wearables activations for fans and Olipop drinks being integrated into game-day concessions. The stadium's consistent foot traffic is seen as a distribution channel for these brands.
The deal is currently subject to approval by Major League Soccer.