Collaborative Fund gains direct access to large, recurring live audiences by taking a stake in D.C. United and its Audi Field stadium, a move the firm says will let it showcase and distribute products from its venture portfolio.
The 15-year-old New York firm, which manages roughly $1 billion and has early investments in Lyft, Reddit, Sweetgreen and Olipop, described the purchase as an extension of its consumer-focused investing. Founder and managing partner Craig Shapiro wrote in a memo that "a franchise is the ultimate consumer product," and pointed to strengthening tailwinds for American soccer, including a recent World Cup, the upcoming Los Angeles Olympics and rising youth participation.
Collaborative intends to treat Audi Field not simply as a financial stake but as marketing infrastructure. The firm highlighted potential activations that map to existing portfolio companies, such as a WHOOP wearables activation and Olipop beverages in concessions, and framed predictable stadium foot traffic as a scalable channel at a moment when live experiences are increasingly prized.
The move follows a new pattern in which venture capital firms have moved into pro sports ownership. Joshua Kushner's Thrive Capital created a permanent-capital vehicle, Thrive Eternal, to hold major franchises, buying a stake in the San Francisco Giants and later acquiring the Lakers for $12.5 billion with former Disney CEO Bob Iger joining as co-owner. Collaborative's approach differs, because it is funding the D.C. United investment out of the same early-stage fund it uses for seed and Series A checks and positioning the club as strategic infrastructure rather than solely a trophy asset to hold indefinitely.
That diversification sits alongside more traditional routes into sports ownership, including individual tech billionaires and private equity firms. The Khosla family agreed to buy the Seattle Seahawks for $9.6 billion and also invested alongside Bret Taylor in the San Francisco 49ers. Private equity players such as Sixth Street, Ares, RedBird and Arctos already hold stakes across major U.S. teams and leagues.
There is a clear financial backdrop to the strategic pitch. Soccer franchise values have surged, with Inter Miami's valuation roughly doubling since Lionel Messi arrived, MLS's average club value up roughly 134% since 2019, and D.C. United's valuation rising from $35 million in 2008 to $785 million today after accounting for Audi Field and surrounding real estate. Those gains make an ownership stake potentially lucrative on both commercial and investment grounds.
The transaction remains subject to Major League Soccer approval. If regulators sign off, Collaborative will test whether combining venture assets and a live sports venue produces measurable advantages for its startups and brands, and whether that model prompts more VC firms to view clubs as operating platforms rather than passive investments.
