Collaborative Fund, a 15-year-old venture capital firm managing about $1 billion, is making a play in professional sports. It’s buying a stake in Major League Soccer’s D.C. United and its home ground, Audi Field in Washington, D.C., stepping into territory recently pioneered by Thrive Capital.
Thrive Capital shook up the status quo earlier this year through its Thrive Eternal vehicle—designed to hold iconic franchises for the long haul. That fund first acquired a minority interest in the San Francisco Giants, then fully purchased the Los Angeles Lakers for a historic $12.5 billion. Thrive opened a new avenue for venture firms to participate in sports ownership beyond traditional models.
VCs Beyond Startups: New Ownership Models
Traditionally, ownership of professional sports teams broke down into two kinds of investors: tech billionaires and private equity firms. The former invest out of personal wealth, like earlier this summer when the Khosla family bought the Seattle Seahawks and also joined in a stake in the San Francisco 49ers. Private equity players such as Sixth Street, Ares, RedBird, and Arctos have held or financed stakes in NFL, NBA, MLB, and European soccer franchises. Others, like Apollo, tend to stick with financing rather than outright ownership.
Collaborative Fund is not following exactly Thrive’s path. Thrive’s strategy involves creating a dedicated, permanent-capital vehicle to hold trophy assets. Collaborative Fund is instead using its early-stage investment fund—usually reserved for seed and Series A deals—to acquire its D.C. United stake. Rather than a long-term holding, the firm views this as infrastructure with upside beyond just owning a team.
From Stadiums to Fan Engagement & Revenue Streams
Craig Shapiro, Collaborative Fund’s founder and managing partner, describes sports franchises as the ultimate consumer product. With D.C. United being one of MLS’s founding clubs, the firm sees a rich fan-base built over many decades. Key assets include ownership of Audi Field, a partnership in Loudoun County’s talent development pipeline, and rights related to a future expansion team in Baltimore.
Collaborative Fund’s model treats the stadium and club as more than prestige—they see it as a platform for portfolio activation. Brands like WHOOP and Olipop, in which the firm has invested, could be featured in stadium experiences or concessions. The foot traffic that comes with games provides a recurring distribution channel. Sports experiences also offer authenticity in contrast to increasingly synthetic online interactions, which Collaborative views as competitive advantage in today’s AI-driven media landscape.
Valuations reinforce the move. U.S. soccer franchise values have surged—MLS clubs’ average value has risen about 134% since 2019. D.C. United itself is now valued around $785 million, including its stadium and real estate, compared to $35 million back in 2008. So even a minority stake promises both brand benefits and financial upside.
The deal still requires the approval of MLS.
Putting money into a sports club is no longer just for the ultra-wealthy or private equity titans. Collaborative Fund’s approach underscores a broader shift: treating fan loyalty, stadiums, and live sports as strategic assets in a digital-first world. As VCs rethink what they can own, sports may become a mainstream class in their portfolios. What to watch: how Collaborative activates its portfolio inside the stadium, how MLS governs new ownership plays, and whether this structure draws more VCs chasing both cultural clout and returns.
