Serena Williams Invests in Diversity with New Venture Fund
March 11, 2022
Serena Ventures, tennis superstar Serena Williams' early-stage venture capital firm, has raised $111 million in seed funding to invest in underrepresented founders and help diversify the world of venture capitalism (VC). The new fund will further her firm's vision of a world where "genius isn’t stifled by the lack of resources" and "historically overlooked people and markets are empowered for a more inclusive economy."
VC is a form of private equity and a type of financing that investors provide to start-up companies and small businesses. Serena Ventures plans to invest in founders who solve everyday problems through unconventional thinking and diverse points of view.
Williams has been investing for nine years, but recently told CNN that she felt that she needed to do more when she found out that less than 2% of VC money went to women and 1.2% went to people of color. The shock of this heard during a talk between Clear chief executive, Caryn Seidman-Becker, and JPMorgan Chase head, Jamie Dimon, inspired the 23-time Grand Slam Tennis Champion to use her platform and money to break the mold.
“I go up to her [Caryn] afterward and asked, ‘Tell me about this 2 percent — I know maybe you misspoke,’” Williams recounted to the NY Times. “And she says, ‘No, it’s true.’ And I literally couldn’t wrap my mind around the fact that 98% of all of this money we’re talking about — billions of dollars — goes to one type of individual.”
Publicly announced in 2019, Serena Ventures has made angel investments (private investments by a high net-worth individual) to 60 brands including Daily Harvest and MasterClass. Last month, it invested in Nestcoin, a Nigeria-based web3 start-up aiming to make cryptocurrency more accessible. Currently, about three-quarters of the founders in the firm's portfolio come from historically underrepresented backgrounds.
“I have been so impressed with Serena Ventures and the extraordinary mentorship and support they provide entrepreneurs. Serena has built an exceptional team of diverse experts with branding expertise and strategic advice to help founders as they navigate building their companies," said Anne Wojcicki, CEO and Co-Founder of 23andMe and a limited partner. "With unique backgrounds and experiences, Serena Ventures brings an incredible network – a network of which I am honored to be a part of. I am excited to support their growth.”
Leading the way as the company’s first unicorn (a privately owned company valued at over $1 billion) is Esusu, a fintech start-up that provides data solutions and rent reporting to build credit for those who may not have access to it. “Their success proves what we’re betting on – that products and services for those who’ve previously been left out of the mainstream economy are the future,” the firm stated.