Venture Capitalist Lorine Pendleton Champions Women’s Sports in the VC World

Lorine Pendleton sees an opportunity as women’s professional sports gain overdue traction. Founder of 125 Ventures, Pendleton is focusing her fund on sports, media, and entertainment at the intersection of tech, emphasizing women’s sports—a sector projected to grow by 300% by 2030. Despite the surge in fan engagement, women’s sports receive just a fraction of venture capital funding, a gap Pendleton believes is ripe for disruption.

By targeting overlooked markets, like women’s sports, she’s helping shape a more inclusive future. In this Q&A, Pendleton delves into her mission, investment philosophy, and how her Harlem roots inspired a lifelong love for sports—and a vision for transformative change in venture capital.

Crouse: When did you know you wanted to get involved in venture capital?

Pendleton: Yeah, that’s a great question. I’m a lawyer and finance was never my jam. But one day, I was watching a television program on CNN… Soledad O’Brien had a show called Black in America, featuring different industries, including the startup [community]. She said that less than 1% of VC dollars go to Black founders. I’d worked at a couple of startups [after becoming a lawyer] that were venture-backed to exits, so I understood the importance of funds to grow a business, and I couldn’t believe that stat.

And women [only receive] 2% [of VC funding], so it’s not much better. First, I didn’t believe it. I fact-checked it, and it was true. At that moment, I knew I wanted to change things.

Literally, three weeks later, I got this newsletter called “Daily Worth,” and  it interviewed a woman who created Pipeline Angels to train women to be angel investors. She knew the stat about women not getting funding but said if more women became angel investors, that could change. Angels are typically the first funding source after friends and family. With more women angel investors, hopefully, more women founders will get funding, right? So, I applied and got in. I was in the second cohort with ten other women. Now, 600 have gone through that program—many doing great work in investments or writing books.

I started investing my own money but quickly realized it gets expensive. You need to invest in 20-30 companies to see returns and diversification, so I thought, “I need to start a fund.” That was 11 years ago. I began angel investing and launched my first fund, Rising America Fund. Fund two followed, focused on underrepresented founders: women, LGBTQ, and diverse-led companies. It’s been the best-performing fund among the 15 Portfolio funds.

That’s very cool. Can you tell me a bit about 125 Ventures?

Sure. I have my fund, 125 Ventures, investing in sports, focusing on women’s sports, media, and entertainment at the intersection of tech. Women’s sports are projected to grow 300% by 2030, yet only 1% of investment goes there. We’re seeing major viewership growth—300% during the Olympics, largely thanks to U.S. women athletes. Events like gymnastics, soccer, and basketball drew huge audiences.

When women’s sports succeed, the fan base only grows. I don’t know why anyone wouldn’t want that. 

You hit the nail on the head. I often went to WNBA games when I lived in D.C., right by the arena. It was so affordable—$10 tickets—compared to men’s games. Fast-forward to now, I started going to a few New York Liberty games this year. Tickets are pricier, but the audience has shifted. Dads are there with sons wearing Breanna Stewart jerseys. That’s the future—these boys will keep going to games and bring their kids, whether boy or girl. It’s just sports.

I remember my godfather taking me to New York Yankees games as a kid. Sports are a unifier. Growing up in Harlem, I saw all kinds of people cheering together.

As for why it’s called 125 Ventures, I was born and raised on 125th Street in Harlem, home to the Apollo Theater and Rucker Park, where basketball greats played. My godfather, the first Black sports reporter for the New York Times in the 1960s, was a huge influence.

What made you fall in love with sports?

My godfather—who lived near the stadium—was part of that connection for me. He was our neighbor, and after my baptism, my parents made him my godfather. So I’d hang out at his place, and we’d see the stadium lit up and hear the noise. That’s where my love of sports took off—mostly baseball, though I did catch a few football games. It became this incredible unifier for me. I remember some big-name players. I won’t date myself here, but those games were special. 

Sports are part of this broader connection to data and AI that we’re now seeing explode, especially in health analytics. For instance, I’m an angel investor in Oura, a sleep-tracking ring. I invested when it was valued at $200 million; now, it’s over $3 billion. It’s taken off as a data platform. The Air Force, the New York Knicks, and Real Madrid all use it because it tracks critical metrics like sleep and temperature. 

And now we’re seeing some women’s sports teams even tracking menstrual cycles to reduce ACL injuries, which is such a common issue. Teams started noticing a link between ACL injuries and players’ cycles. They’ve adjusted practice and game schedules to lessen the risk. It’s a new way to use data to protect athletes—like you said, tracking it could be a total game-changer.

Wow, that’s really unbelievable.

This opens doors to other opportunities, especially with the growing attention on women’s health in sports. We’re also seeing a revolution in student-athletes’ name, image, and likeness (NIL) rights. Before, athletes like yourself couldn’t monetize their social profiles. Now, they can finally earn from ticket sales, merchandise, all of it—blurring the line to professional-level recognition.

What major factors guide your investment decisions right now?

It’s a tough time for fundraising, with high interest rates and a tight IPO market. But it’s the best time to invest—valuations are lower, and that’s a huge plus for equity. So, despite the “VC winter,” I’m focused on undervalued areas, especially women’s sports. Women’s soccer, for example, has skyrocketed in popularity over the years, drawing in not just women but diverse audiences. Brands like Ally Bank and Google are now getting involved, driving real visibility for women’s leagues. And it’s clear: the future of women’s sports is packed with potential for growth, innovation, and incredible returns.

It’s really cool to see people gain that perspective and respect for women and women athletes. And it leads me to my next question. You’re at the intersection of business and sports. We’ve touched on the Oura Ring and a few other big companies you’re working with. What role do you think businesses should play in societal and environmental progress?

Many people want business to just “do your business… heads down,” and not get involved in societal things. I don’t agree with that. I think businesses have a responsibility to be good citizens of their community… where they operate, where they have employees… [Even with] political things aside, looking at climate, being a good citizen… to your employees and customers—I think businesses have that responsibility.

I look at it through a lens of inequality—people in this country aren’t on equal footing. Women, for example, aren’t paid as much as men; people of color face additional barriers. And while companies can’t solve these things alone, they can help by paying decent wages and promoting socioeconomic mobility. When people can afford good schools, healthcare, [and] housing, society benefits as a whole.

125 Ventures, for example, hosted three interns this summer from underrepresented backgrounds to expose them to venture capital. At the end, they told me, “This really opened my eyes.”

For you and 125 Ventures, what keeps you awake at night right now?

Fundraising. It’s a tough environment for any fund manager, especially for emerging managers. [But] I’m convinced about my thesis. It’s a great and growing market. I’ve also put together a great team of venture partners like Heidi Diamond, former president of Martha Stewart Living, and Crystal Fisher, from NBC Sports, among others. Brett Johnson, who owns three soccer teams, is another partner. He also owns Rhode Island Football Club, which I’ve invested in… the stadium being built for the club in Providence connects us—he went to Brown, and so did I.

If you could ask Worth readers to do one thing to make the world a better place, what would you ask?

Just have empathy and understanding for others. The world would be better if everyone tried to connect with people who aren’t like them… step out of silos and practice empathy.

I think many people agree with that right now. Are there upcoming events or projects you’re particularly excited about?

Yes, Brett Johnson’s women’s team. I’m working on raising funds to become a part-owner of that team. It will play in a new stadium in Rhode Island, scheduled for completion in 2025. Brett wants it to be a women-owned team, inspired by his daughter.

Are you recruiting women investors?

Absolutely. This [women’s league] is a great entrée into sports ownership. For example, in the National Women’s Soccer League, the franchise license was once $3–5 million, and now it’s $100 million.

For women or angel investors looking to take their first step into sports ownership, what advice would you give?

Learn about the industryUSL teams, like Rhode Island Football Club, that offer accessible investment opportunities. You could start with a small investment, track it, and learn about the business. There are also funds, although they often have high minimums. But there are options for entering this asset class with smaller investments.