Venture Capital’s New Play: Sports Ownership

Collaborative Fund, a New York-based generalist venture firm, is taking a stake in Major League Soccer’s (“MLS”) D.C. United and its home stadium, Audi Field, subject to MLS approval. The investment follows a recent trend set by Thrive Capital (“Thrive”), another venture firm that established Thrive Eternal to invest in iconic franchises and cultural institutions. Thrive has since announced a stake in the San Francisco Giants and joined as a co-owner of the Los Angeles Lakers.

Rather than creating a separate vehicle for sports investments, as Thrive did, Collaborative Fund is financing the deal through its existing early-stage fund, typically used for seed and Series A checks. Collaborative Fund intends to invest beyond simple ownership: it plans to use the D.C. United platform to showcase its portfolio companies, including promoting its Whoop fitness band and adding Olipop beverages to game-day concessions.

Collaborative Fund and Thrive’s moves into professional sports ownership depart from the traditional ownership landscape, which has been dominated by individual tech fortunes and private equity firms. Venture capital investors are increasingly viewing sports franchises as more than financial assets, leveraging them as platforms for brands, technology and consumer experiences.

Author: Erika Tworzyanski, 2026 Articling Student