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Kara Elyse Nortman[1] is an American venture capitalist and professional sports team owner who co-founded National Women's Soccer League (NWSL) club Angel City FC.[2]

College

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.[3]

Executive management

Nortman worked for seven years at InterActiveCorp (IAC), where she served in executive roles for mergers and acquisitions[4][5] and oversaw the acquisitions of Urbanspoon and Dictionary.com. She later served IAC as an executive at its holdings Urbanspoon and Citysearch.[3][6] At IAC, she also sat on the board of startup incubator Hatch Labs and recruited dating app Tinder and its founder Sean Rad.[3][7]

Prior to IAC, Nortman also worked for Morgan Stanley, Microsoft,[3] and as a venture capitalist for Battery Ventures.[3][7]

Entrepreneurship

In 2013, Nortman co-founded Moonfrye, an parenting-focused e-commerce company, with actress Soleil Moon Frye.[8] In April 2013, Moonfrye transitioned into a party-planning startup renamed PS X.O.,[7][9] which merged with toy and craft startup Seedling in October 2014. After the acquisition, Nortman became chairwoman of Seedling.[10]

Venture capital

In 2014, Nortman joined Upfront Ventures, a Los Angeles, California-based venture capital firm.[7][2][3] Nortman's investments included Parachute Home, Waldo Photos, and Stem Disintermedia.[3][11] 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.[2]

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.[12][13]

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.[2][14][15][16][17][18] 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.[14][15][16][17][18] Nortman also consulted with U.S. Women's National Team Players Association executive director Becca Roux on the business potential of women's soccer.[17]

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.[18][19] Angel City FC's expansion fees were reportedly between $2 million and $5 million.[20][21] In an April 2021 fundraise, Angel City FC was reportedly valued at more than $100 million.[22]

Advocacy

Nortman founded All Raise, a gender-equality group of venture capitalists attempting to increase diversity among venture funds and entrepreneurship.[14][16][18]

Personal life

Nortman is a lifelong resident of Los Angeles, California. She attended the 1999 and 2015 FIFA Women's World Cups.[16] Her business interest in women's sports started when she tried and failed to purchase a United States jersey at the 2015 tournament.[17] Nortman married Jake Blumenthal in 2007[1] and has three daughters.[23][24]

References

  1. ^ a b "Kara Nortman, Jake Blumenthal". The New York Times. January 14, 2007. Retrieved April 11, 2023.
  2. ^ a b c d Bergman, Ben (July 28, 2022). "Exclusive: 2 top partners at LA's Upfront Ventures have quietly stepped away from investing duties". Business Insider. Retrieved April 11, 2023.
  3. ^ a b c d e f g "The Money Book: Kara Nortman". Los Angeles Business Journal. September 29, 2017. Retrieved April 11, 2023.
  4. ^ "UPDATE 1-IAC reorganizes M&A operation". Reuters. February 7, 2008. Retrieved April 11, 2023.
  5. ^ Kafka, Peter (February 7, 2008). "IAC: M&A Chief Jason Rapp Out". Business Insider. Retrieved April 11, 2023.
  6. ^ "IAC says Kara Nortman appointed as SVP of Publishing at Citysearch - Quick Facts". May 27, 2009. Retrieved April 11, 2023.
  7. ^ a b c d Swisher, Kara (November 13, 2014). "Los Angeles' Upfront Ventures Adds Kara Nortman as Partner". Recode. Vox. Retrieved April 11, 2023.
  8. ^ Stanleigh, Sean (April 26, 2013). "'Punky Brewster' goes into business with Moonfrye". The Globe and Mail. Retrieved April 11, 2023.
  9. ^ Jarvey, Natalie (April 25, 2013). "DIY Startup Shoots for the Moon". Los Angeles Business Journal. Retrieved April 11, 2023.
  10. ^ Yang, Melissah (October 29, 2014). "P.S. XO and Seedling Merge, Raise $7 Million". Los Angeles Business Journal. Retrieved April 11, 2023.
  11. ^ Weinheimer, Sara (September 15, 2016). "Kara Nortman, Co-founder of Seedling and Partner at Upfront Ventures Comes Full Circle". BroadMic Insights. Retrieved April 11, 2023.
  12. ^ Masunaga, Samantha (March 27, 2023). "First came Angel City FC. Now, meet Monarch Collective, a new way to invest in women's sports". Los Angeles Times. Retrieved April 11, 2023.
  13. ^ Panchal, Ananya (March 28, 2023). "Angel City FC Cofounder Launches Monarch Collective, a New Way to Invest in Women's Sports". Sports Illustrated. Retrieved April 11, 2023.
  14. ^ a b c Brandes, Rebekah (April 11, 2022). "Women's Soccer Returns to L.A. With A Kick From A Hollywood Power Player". Los Angeles Magazine. Retrieved April 11, 2023.
  15. ^ a b Hall, Hannah (March 8, 2022). "How This Founder Won Over Fans, Investors, and Sponsors to Bring Professional Women's Soccer to Los Angeles". Inc. Retrieved April 11, 2023.
  16. ^ a b c d Shieber, Jonathan (July 21, 2020). "VCs, celebrities and athletes are writing a new LA story to bring women's soccer to the city". TechCrunch. Retrieved April 11, 2023.
  17. ^ a b c d Conway, Jeff (November 12, 2020). "Meet The Angel City Football Club And The Trailblazing Women That Built It". Forbes. Retrieved April 11, 2023.
  18. ^ a b c d Bachman, Rachel (September 25, 2022). "How Angel City FC Created a Women's Soccer Moneymaker". The Wall Street Journal. Retrieved April 11, 2023.
  19. ^ Hruby, Emma (August 12, 2022). "Report: NWSL expansion team Angel City FC valued at more than $100M". Just Women's Sports. Retrieved April 11, 2023.
  20. ^ Toonkel, Jessica; Bachman, Rachel (January 27, 2023). "NWSL Set to Expand With Record-Setting $50 Million Franchise Fees". The Wall Street Journal. Retrieved April 11, 2023.
  21. ^ Pequeño IV, Antonio (April 10, 2023). "Angel City FC Leads Surge". Los Angeles Business Journal. Retrieved April 11, 2023.
  22. ^ Caron, Emily; Novy-Williams, Eben (August 12, 2022). "NWSL Valuations Soar on Angel City's $100 Million Coattails". Sportico. Retrieved April 11, 2023.
  23. ^ "Kara Nortman". Angel City FC. Retrieved April 11, 2023.
  24. ^ "Mildred Marcia "Millie" Karp". Los Angeles Times. June 21, 2017. Retrieved April 11, 2023.
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