(This article has been revised.)
Angel City Football Club lapped its league competitors in both club valuation and revenue in its second season. Now, less than a week away from its season opener against the newly formed San Jose-based Bay Football Club, Angel City says it’s still in startup mode and continues raising capital.
The Los Angeles National Women’s Soccer League franchise sits well above its league counterparts with a valuation of $180 million, according to Sportico’s market value metrics published at the end of last year’s regular season. For comparison, the closest competitor, San Diego Wave, came in with a $90 million appraisal.
In October, the same sports industry data site reported Angel City was raising capital at valuations approaching $200 million.
Julie Uhrman, Angel City’s president and co-founder, didn’t deny the reports from the fall.
“We’re always fundraising,” Uhrman said. “We always want to take advantage of the increase in our value to bring in investment.”
Sitting in the club’s office courtyard in Santa Monica, Uhrman sported the team’s new Nike uniform unveiled last month, which marks the first coordinated kit launch for the NWSL.
This latest update signifies a league still molding its cohesive brand, one that secured the most lucrative media-rights contract in the history of women’s team sports at the end of last season.
The four-year, $240 million contract bringing games to Amazon Prime, CBS, ESPN and Scripps marks a major upgrade from the NWSL’s previous deal, which was worth just $1.5 million a year.
This is representative of the league’s accelerated trajectory of the past several years, and increased televised coverage of matches is part of Angel City’s ambitions to become the first women’s sports franchise valued at $1 billion.
“We are absolutely on pace,” Uhrman said.
Off-season investments in the club
Angel City’s investor roster includes around 100 stakeholders, with a roster of A-list celebrities such as Natalie Portman, Eva Longoria and current Oscar nominee America Ferrera, as well as a slew of retired professional athletes such as Billie Jean King, Serena Williams and Mia Hamm.
Those wanting a piece of the Angel City halo tend to know a thing or two about building a brand. Even with sticky season-ticket holder numbers and five sold-out matches last season at the BMO Stadium in Exposition Park, Angel City invested heavily in the off season both on and off the pitch.
The additions of Bay F.C. and Utah Royals F.C. this season mean two additional home games for which to sell tickets and plan fan engagements.
The club recently partnered with the West Hollywood-based management consulting firm Slalom, and at the end of last year brought on HubSpot to expand its data capabilities on the marketing and sponsorship side.
Uhrman believes there’s more to be done to raise awareness of the club in Los Angeles, and bringing on additional resources to further expand the club’s base is a worthy investment in her mind.
“That startup mentality, where you’re always bringing creativity to the table and you’re willing to fail fast to try things learn to pivot and try again, is what’s going to keep us at the top,” Uhrman said.
After making it to the playoffs last year, the club overhauled its roster and improved its training facilities this winter.
This season’s record will prove whether fresh talent will carry the club’s momentum forward, but co-founder Kara Nortman says the team’s Coachella Valley Invitational preseason matchup last month showed promise.
“Julie and I were together at the Coachella tournament, and we stood there as we had arms around each other’s shoulders watching the quality of the play on the field,” Nortman said. “We’re firing on all cylinders, both the soccer side and the business side.”
Monarch Collective’s moment
Nortman, who represents the venture capital side of Angel City’s founding group, took the business blueprint established at Angel City and now applies it to investments at the Monarch Collective.
This venture fund focuses exclusively on equity investments in women’s teams and leagues as well as adjacent industries such as media and gaming.
Last March Monarch Collective, which Nortman founded with partner Jasmine Robinson, debuted with $100 million in commitments.
Now, Nortman says the fund sits at $150 million, with significant investments from Los Angeles-based family offices.
“I do think it’s indicative that in a very hard fundraising market, really strong institutional, family office and (other) investors showed up and gave us capital,” Nortman said
Monarch has announced one investment only, in NWSL Boston, since fundraising, but Nortman noted Angel City’s continued success reflects women’s sports maturing into returns-driven conversations with investors, beyond the previous noblesse oblige designation.
“The numbers are starting to catch up to the instincts we had,” Nortman said.
