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SERENAWILLIAMS—THELISTFROMLEFT:ALLENBEREZOVSKY/GETTYIMAGES;^ AMYSUSSMAN/GETTY^ IMAGES;^THEARON^ W.^ H
ENDERSON/GETTYIMAGESJUNE 30, 20 19most musicians and actors (who turn up their noses at most
product deals) have not. She counts nearly 30 million follow-
ers across social media—her posts of herself wearing Nike’s
swoosh generated more than $2 million in promotional value
for the brand over the past 12 months, according to Hookit,
which tracks celebrity influence on social media. “Serena is
a once-in-a-generation voice, reaching a global audience that
extends well beyond tennis,” says Hookit CEO Scott Tilton.
And that voice is amplified exponentially when dealing
with an early-stage brand, rather than one like Nike. She
shared a pair of videos in an Instagram story of her entou-
rage eating Daily Harvest meals ahead of her hosting du-
ties for the Met Gala. She collaborated with Neighborhood
Goods, which brings a pop-up approach to retailing, for her
clothing line. “Using her platform to talk about our mission
was the biggest support we’ve had besides her capital,” says
Georgina Gooley, cofounder of Billie, which makes razors
priced to eliminate the “pink tax” that makes female-target-
ed products cost more than similar versions for men.
The dating and networking app Bumble added Williams
as an endorser for 2019, including a Super Bowl ad. The pair
also partnered in a pitch competition in which two winners
with female founders were chosen for funding from Serena
and Bumble. Three executives of companies in the Serena
Ventures portfolio—Daily Harvest, the woman-centric co-
working space The Wing, and Lola, a natural tampon brand
—networked at the first-ever Bumble Fund Summit in April.
“She is facilitating a place for people to connect with one
another,” says Jordana Kier, Lola’s founder.
That kind of investor-as-rainmaker power translates into
another benefit: deal flow. For more mature deals, tradi-tional venture firms need to take large ownership stakes to
hit return targets. Williams, though, is happy to ride along.
“Firms know Serena is a hugely valuable strategic investor,”
says Ohanian. “I think it is the best of all opportunities,
and she can essentially cherry-pick from the top VC firms
on deals that are interesting that come her way and at the
same time she still has her own deal flow from folks who
want her to invest.”nother benefit of early-stage investing:
Even with 34 checks written, she has still
sunk only an estimated $6 million into these
companies. As venture investing goes, given
her net worth, it’s still low-risk stuff. And the
returns so far seem promising; Serena Ventures says they
currently value the portfolio at more than $10 million and
double the initial investment. Nearly half of the companies
have had follow-up rounds of venture investment since Wil-
liams invested, and Serena Ventures even seems poised to
score its first exit after Unilever announced plans to buy
supplement firm Olly Nutrition in April. Five of her invest-
ments are up at least fivefold. Top performers include Billie,
Daily Harvest, MasterClass and The Wing.
But Serena Williams wouldn’t be one of the all-time great
competitors without also needing to invest more in her-
self. While she’s known as a fashion icon, she has cashed
in only via others’ platforms, whether endorsements or
partnerships. Now that’s changing. Smoller, her longtime
endorsement agent, recalls a recent meeting at Nike. “I was
talking, and Serena interrupted me and started asking all
these questions about their distribution channels, KPIs and
growth strategies,” she says. “I looked around and saw their
faces.... She’s at a level where she wants to understand
the process and methods, which I think a lot of people
don’t expect.” In May last year, Serena Ventures launched a
self-funded, direct-to-consumer clothing line, S by Serena.
She kept waiting for someone to fund a company for her
to design clothing, she says, but “I was thinking of this the
wrong way. I had to invest in myself.”
The line includes dresses, jackets, tops, denim and more
mostly priced under $200. She’s excited about an S by Sere-
na show for New York Fashion Week in September. The line
got a boost in October when Williams’ close friend Meghan
Markle was spotted wearing the collection’s “Boss” blazer,
which quickly sold out on the website. Williams returned
the favor when she hosted a baby shower for the Duchess of
Sussex in February. Williams plans to launch an S by Serena
jewelry line this year and one of beauty products in 2020.
With all this commerce, Williams says she’ll continue
to abbreviate her on-the-court schedule, prioritizing the
Grand Slam events that burnish her brand. While a dino-
saur in the tennis world at 37, she still figures she has two
or maybe even three years left. “I am in no rush to get out
of this sport,” she says. But in Serena Ventures, she’s laid
the foundation to keep playing the game her entire life. “I
want to create a brand that has longevity, kind of like my
career,” she says. “It’s not fancy, it’s not here, it’s not out, it’s
not trendy, it’s a staple, like my tennis game.”Ashton Kutcher
Actor, Age 41
Select Investments:
Airbnb, Pinterest,
Spotify, Uber,
Warby Parker
The star of That ‘70s
Show and Two and a
Half Men launched
A-Grade Investments
in 2010 with music
manager Guy Oseary
and billionaire Ron
Burkle. The fund
scored with one of
its early investments,
$500,000 in Uber.Nas
Musician, Age 45
Select Investments:
Away, Casper,
Coinbase, Dropbox,
Genius, LyftThe rap legend named
his fund QueensBridge
Venture Partners after
the housing projects in
New York City where he
grew up. He cashed in
last year when Amazon
bought Ring, the virtual
doorbell company.Kevin Durant
Athlete, Age 30
Select Investments:
Acorns, Lime,
Overtime,
Postmates, Rubrik
The ten-time NBA
All-Star has played
in the heart of Silicon
Valley for the Golden
State Warriors since- His company,
Thirty Five Ventures,
named after his
uniform number, holds
stakes in more than 30
companies.
CELEBRITY CAPITAL
ACTORS, MUSICIANS AND ATHLETES HAVE ALL CAUGHT
THE SILICON VALLEY BUG. THE TRIO BELOW STARTED
VENTURE CAPITAL FUNDS OVER THE PAST DECADE.A
F