A new second-division women's soccer team in the Twin Cities has reached the funding milestone of $1 million and will start playing in May.
The leaders did not find a few wealthy individuals to fund the team, though. Instead, they crowdsourced their way to enough money.
"We're normal, everyday Twin Cities businesspeople," president and co-founder Andrea Yoch said. "We had this idea of building it together without giving over control to someone who wrote a check for a million dollars. The moment you have someone write one big check, they become the biggest voice in the organization."
The Minnesota Women's Soccer Team, operated by Minnesota Soccer Holdings in St. Paul, becomes the first independent women-led team to take the fan-based funding approach.
The team will be part of a new pre-professional amateur women's soccer league kicking off in 2022. Minnesota will be home to one of the eight original franchises in the United Soccer League Women's League (W-League).
The league will provide opportunities for college players to develop during the spring and summer and potentially become a pipeline to the National Women's Soccer League, the top professional league in the country. Elite youth players, aspiring professional players and former professional players will also be eligible to play.
All of the community shares available were sold during the Wefunder campaign, which began in August and closed Dec. 6. A total of 3,080 people invested in the team from 48 states, eight countries, two military bases and one embassy, the team announced.
The average investment was $324.67, but the majority of investments were made at the $100 minimum level, Yoch said.