Hi,
Welcome (back) to MWAVC for my 550th post on about finance, investing, venture capital and all that jazz. My name is Ato (more about me here and here) and I tried to write every single day, inspired by Seth Godin (Seth’s Blog) and Fred Wilson (AVC) but the schedule got crazier and I had to pull back a bit. So please set a reminder to read these newsletters on Mondays, Wednedsays, Fridays and Sundays 😬
In case you’re new here, quick introduction: I’ve been investing in some way shape or form for the last 12+ years and now work with one of the pre-eminent VC firms in Africa - Microtraction, and the family office that acts as the GP - Pave Investments. Read more on us here and here. Much of the writing I’ll share here are based on things I find interesting that I’d like to share and hear your thoughts on. This is also an outlet for my thoughts, lessons, asks etc. and I think you’d find most of it valuable if you’re remotely interested in learning about venture capital.
I’ll be developing the content further, including things I think will be helpful and would appreciate any feedback on what’s working vs. not, and what could be helpful for you over the long term. If you’d like to sign up, you can do so here. Or just read on.
Some smart founders have added me to their investor updates, which I must admit, is a good way to get my attention. I suggest you should too…
The Messi(ah)! 🏆⚽
Read the extract below from one of Joe Pompliano’s posts on Twitter a few weeks back. And man, this Messi guy is really pushing the limits of thlete stardom. I wonder who will be able to top all he’s achieved. How would they even do that?
Lionel Messi's second season with Inter Miami kicks off tonight — yet he's already had a huge impact on the club despite only making 14 appearances last year.
Inter Miami Valuation
2023: $600 million
2024: $1.03 billion (+72%)
That means Inter Miami is now more valuable than Premier League clubs like West Ham United, Everton, Newcastle United, and Aston Villa.
Inter Miami also recently signed a stadium naming rights deal with JP Morgan Chase.
They completed a preseason tour with stops in El Salvador, Dallas, Saudi Arabia, Hong Kong, and Japan, covering 23,000 miles (!!) over just three weeks.
And the craziest stat might be that Inter Miami now expects to do over $200 million in revenue this year.
Inter Miami Annual Revenue
2022: $56 million
2024 projected.: $200 million (+257%)
Crossing $200 million in revenue would be an all-time MLS record, and others are benefitting, too.
Lionel Messi helped drive over 110,000 new MLS Season Pass sign-ups for Apple on the day of his first game, and his jersey has been on backorder for months.
This growth didn't come cheap for Inter Miami and MLS.
Messi is reportedly getting:
• $20M+ annually from Inter Miami
• An option to purchase equity in the club
• Revenue share from new MLS/Apple TV subs
• Profit-sharing from Adidas based on shirt sales
Still, the contract has unquestionably been worth it so far, even with Messi getting hurt at the end of last season and Inter Miami missing the playoffs.
The team has since added Messi's former teammate, Luis Suarez, and they are currently favored to win the MLS Cup.
So it'll be interesting to see what happens in year 2.
But regardless, the numbers are up, and Inter Miami is now one of the world's 20 most valuable soccer clubs.
Ps. Follow me (Joe Pompliano) for more sports business breakdowns!
While you’re here, check out this long form article by Mario at the Generalist - Messi, Inc.
Currently Reading 🎒
Union Square Ventures: The Thinkers - Revisting my notes from this piece on how to build a winning thesis for a VC fund that outperforms the market.
Currently Listening 🎧
David Sacks on Unicorn Ideas: What Elements Are Needed to Create a Billion Dollar Success? - Title is self-explanatory. Listen and take notes.
I hope this is helpful to some founders out there. I’m happy to speak more on this with anyone looking to build a company and wants feedback. Finalized my decision to bring my Office Hours back for founders to book 30 minutes to tell me about themselves, their businesses and ask for feedback. Thanks to everyone who voted. It looks like it’s a big YES. Will share more soon.
Remember: “Until the lion learns to write, every story will glorify the hunter.”
Please share and subscribe as well.
Till next time,
AB