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

Collaborative Fund, a 15-year-old New York-based generalist venture firm with $1 billion under management, has invested in D.C. United and its Audi Field stadium. The firm, which has made early bets on companies like Lyft, Reddit, Sweetgreen, and Olipop, is taking a stake in the soccer club and its stadium. This move follows Thrive Capital's lead in turning venture money into pro sports ownership, with Thrive launching a new vehicle, Thrive Eternal, to hold iconic franchises and cultural institutions. Thrive Eternal has already invested in the San Francisco Giants and the Los Angeles Lakers, with former Disney CEO Bob Iger joining as co-owner. In contrast, Collaborative Fund is treating the deal like infrastructure, investing out of its early-stage fund and using the deal to showcase its portfolio. Collaborative Fund founder Craig Shapiro pitches the deal as a way to build on D.C. United's decades-long fan base and create a living showcase for the firm's portfolio. Shapiro points to the growth of American soccer, with a World Cup just behind the sport and soaring youth participation numbers in the U.S., as well as the stadium's ownership and rights to a future Baltimore expansion team. The firm imagines using the stadium as a venue for activations, such as WHOOP wearables activations for fans or Olipop drinks woven into game-day concessions.