The Northern Super League (NSL), Canada’s first professional women’s soccer league, has secured an investment of up to $30 million from Apex Capital, a private equity firm based in London and Portugal. The announcement, scheduled for Tuesday, marks a significant milestone for the league, which launched just last year with six teams across the country.
Apex Capital, which recently established a $500 million Sports Growth Fund, is making its first investment in women’s sports through the NSL. The firm initially planned to back the league’s next expansion team but ultimately opted to acquire a substantial minority stake in the league itself, valuing the NSL at approximately $85 million. The deal includes an initial $20 million investment, with potential to increase to $30 million.
The NSL began operations last year, co-founded by two-time Olympic bronze medalist Diana Matheson and business partner Thomas Gilbert. The league was created to fill a gap for female soccer players in Canada, providing a professional platform that had been absent despite the country’s strong national team and grassroots participation. The launch was met with enthusiasm across Canada, with fan merchandise seen from Vancouver to Halifax and solid attendance figures at stadiums nationwide.
In its inaugural season, the NSL attracted over 275,000 spectators across 80 matches. The league’s first game at BC Place in Vancouver drew more than 14,000 fans, while the championship match at Toronto’s BMO Field saw an attendance of over 12,400. Commercially, the league generated more than $30 million in revenue through ticket sales, sponsorships, and merchandise. Partners include major Canadian brands such as Canadian Tire, Bank of Montreal, DoorDash, Coca-Cola, and Toyota.
Christina Litz, NSL president, described the investment as a pivotal step toward scaling operations, particularly in fan engagement and sponsorship development. “This is our way of accelerating the sophistication of our league from startup, to scale to compete alongside the tier-one professional sports teams faster,” she said. The league also aims to use part of the funding to support future expansion.
Apex’s founder and CEO Antonio Cacorino emphasized the firm’s confidence in the NSL, citing Canada’s strong soccer culture and the success of its national team as key factors. “Canada is one of the most obvious untapped sports women’s football opportunities, with a huge grassroots base of players,” he said. Apex has prior experience investing in emerging sports leagues, holding minority stakes in the NFL’s flag-football league and a professional golf competition in San Francisco.
While Apex aims to expand the NSL’s footprint domestically, Cacorino also envisions future growth on a global scale, leveraging the firm’s European connections. NSL leadership acknowledges the challenge in securing substantial domestic private investment, with Litz noting greater sophistication and interest among international investors in women’s soccer.
With the NSL poised for accelerated growth, Canada’s women’s professional soccer scene appears to be gaining momentum amid a broader global surge in the economics of women’s sports. The investment signals a strengthened commitment to build a sustainable, competitive league that can stand alongside North America’s top-tier women’s soccer organizations.