Kara Nortman Explained

Kara Elyse Nortman (born) is an American venture capitalist, the founder and managing partner of Monarch Collective, and professional sports team owner who co-founded National Women's Soccer League (NWSL) club Angel City FC.[1]

Education

Nortman graduated from Princeton University with a bachelor's of arts degree in politics, and from Stanford University with a master's in business administration.

Career

Venture capital

In 2014, Nortman joined Upfront Ventures, a Los Angeles, California-based venture capital firm.[2] [3] Nortman's investments included Parachute Home, Writer, Laurel, Fleetsmith (acquired by Apple), Strive Talent (acquired by Franklin Covey).[4] In 2020, Upfront promoted Nortman as one of three co-managing partners. In 2022, she reportedly stepped back from investing at Upfront to focus on Angel City FC.

In March 2023, Nortman announced the creation of Monarch Collective, a sports venture capital fund led by herself and Jasmine Robinson with a focus on women's teams, leagues, and business opportunities. Investors in the $100 million initial raise included former tennis player Billie Jean King, Alphabet Inc. venture capital leader Laela Sturdy, and former Netflix president Cindy Holland.[5] [6]

Sports ownership

In 2020, Nortman co-founded NWSL expansion club Angel City FC with an investment group that included Julie Uhrman, Natalie Portman, Alexis Ohanian, Serena Williams, Mia Hamm, Lauren Holiday, Abby Wambach Eva Longoria, Jennifer Garner, and Jessica Chastain, among others.[7] [8] [9] [10] [11] Nortman recruited Portman after watching a United States women's national soccer team friendly match together, and recruited Uhrman from a women-in-tech basketball club to which they both belonged and that Nortman had helped to launch. Nortman also consulted with U.S. Women's National Team Players Association executive director Becca Roux on the business potential of women's soccer.

In its initial season, Angel City FC sold 16,000 season tickets, averaged more than 19,000 attendance per match, and sold $11 million in corporate partnerships and $35 million in total sponsorship revenue. Its corporate partnership revenue was larger than seven Major League Soccer teams and approached the value of teams in the National Hockey League and Major League Baseball.[12] Angel City FC's expansion fees were reportedly between $2 million and $5 million.[13] [14] In an April 2021 fundraise, Angel City FC was reportedly valued at more than $100 million.[15]

Executive management

Nortman worked for seven years at InterActiveCorp (IAC), where she served in executive roles for mergers and acquisitions[16] [17] and oversaw the acquisitions of Urbanspoon and Dictionary.com. She later served IAC as an executive at its holdings Urbanspoon and Citysearch.[18] At IAC, she also sat on the board of startup incubator Hatch Labs and recruited dating app Tinder and its founder Sean Rad. Following IAC, she co-founded children's creativity startup Moonfrye with Soleil Moon Frye.[19]

Prior to IAC, Nortman also worked for Morgan Stanley, Microsoft, and as a venture capitalist for Battery Ventures.

Advocacy

Nortman co-founded All Raise, a gender-equality group of venture capitalists attempting to increase diversity among venture funds and entrepreneurship.

Personal life

Nortman is a lifelong resident of Los Angeles, California. She attended the 1999 and 2015 FIFA Women's World Cups.[9] Her business interest in women's sports started when she tried and failed to purchase a United States jersey at the 2015 tournament.[10] Nortman married Jake Blumenthal in 2007[20] and has three daughters.[21] [22]

External links

Notes and References

  1. News: Exclusive: 2 top partners at LA's Upfront Ventures have quietly stepped away from investing duties . July 28, 2022 . April 11, 2023 . . Ben . Bergman.
  2. News: Swisher . Kara . Kara Swisher . November 13, 2014 . Los Angeles' Upfront Ventures Adds Kara Nortman as Partner . . . April 11, 2023.
  3. News: September 29, 2017 . The Money Book: Kara Nortman . . April 11, 2023.
  4. News: Weinheimer . Sara . September 15, 2016 . Kara Nortman, Co-founder of Seedling and Partner at Upfront Ventures Comes Full Circle . BroadMic Insights . April 11, 2023.
  5. News: Masunaga . Samantha . March 27, 2023 . First came Angel City FC. Now, meet Monarch Collective, a new way to invest in women's sports . . April 11, 2023.
  6. Panchal . Ananya . March 28, 2023 . Angel City FC Cofounder Launches Monarch Collective, a New Way to Invest in Women's Sports . . April 11, 2023.
  7. News: Brandes . Rebekah . April 11, 2022 . Women's Soccer Returns to L.A. With A Kick From A Hollywood Power Player . . April 11, 2023.
  8. News: Hall . Hannah . March 8, 2022 . How This Founder Won Over Fans, Investors, and Sponsors to Bring Professional Women's Soccer to Los Angeles . . April 11, 2023.
  9. News: Shieber . Jonathan . July 21, 2020 . VCs, celebrities and athletes are writing a new LA story to bring women's soccer to the city . . April 11, 2023.
  10. News: Conway . Jeff . November 12, 2020 . Meet The Angel City Football Club And The Trailblazing Women That Built It . . April 11, 2023.
  11. News: Bachman . Rachel . September 25, 2022 . How Angel City FC Created a Women's Soccer Moneymaker . . April 11, 2023.
  12. News: Hruby . Emma . August 12, 2022 . Report: NWSL expansion team Angel City FC valued at more than $100M . Just Women's Sports . April 11, 2023.
  13. News: Toonkel . Jessica . Bachman . Rachel . January 27, 2023 . NWSL Set to Expand With Record-Setting $50 Million Franchise Fees . . April 11, 2023.
  14. News: Pequeño IV . Antonio . April 10, 2023 . Angel City FC Leads Surge . . April 11, 2023.
  15. News: Caron . Emily . Novy-Williams . Eben . August 12, 2022 . NWSL Valuations Soar on Angel City's $100 Million Coattails . . April 11, 2023.
  16. News: February 7, 2008 . UPDATE 1-IAC reorganizes M&A operation . . April 11, 2023.
  17. News: Kafka . Peter . February 7, 2008 . IAC: M&A Chief Jason Rapp Out . . April 11, 2023.
  18. News: May 27, 2009 . IAC says Kara Nortman appointed as SVP of Publishing at Citysearch - Quick Facts . April 11, 2023.
  19. Web site: Rao . Leena . 2013-04-25 . Punky Brewster's New Family-Focused, Interactive Crafting Startup Moonfrye Raises $2.5M From GRP, Google Ventures And Others . 2023-08-04 . TechCrunch . en-US.
  20. News: Kara Nortman, Jake Blumenthal . January 14, 2007 . April 11, 2023 . The New York Times.
  21. Web site: Kara Nortman . April 11, 2023 . Angel City FC.
  22. Web site: Mildred Marcia "Millie" Karp . June 21, 2017 . April 11, 2023 . Los Angeles Times.