When one thinks of the name ‘Serena Williams’, the majority of thoughts flow in the direction of her impeccable tennis career.
And why wouldn’t it be that way?
The former world no one tennis player and winner of 23 grand slam singles titles, Serena Williams, has her name written in golden words in the history of world tennis.
She is so much more than just the world’s best tennis player. She is the first athlete ever to hit Forbes’ list of the World’s Richest Self-Made Women. She has been actively investing in a portfolio worth at least $10 million in more than 50 startups through Serena Ventures over the past 6 years.
That is exactly what we are going to talk about in this article. Serena Ventures.
Serena Williams founded Serena Ventures in 2014. The same was kept secret until April 17, 2019, when the tennis star took to Instagram to post about it. The firm is headquartered in San Francisco Bay Area, West Coast, and the Western US. Serena believes in taking on and nurturing the firms early, which is reflected in the fund’s investments as three-fourths of the total investment belongs to the seed stage category.
William states, “It’s fun to get in there. I don’t gamble. I don’t jump off buildings. I’m the most non-taking-a-chance kind of a person, but I felt like a seed was where we wanted to be.”
While writing for her CNN Business Perspective column, she mentions the challenges black women entrepreneurs face while raising funds for their startups in the white and male predominant venture capital industry.
Venture capitalists tend to believe in founders who feel familiar and thereby move forward to fund them. This makes a lot of sense — “invest in what you know!” and this attitude has led to White men receiving an overwhelming majority of venture capital funds. Investing in people who look like you eventually leads to systemic exclusion.
According to the National Venture Capital Association data, only 4% of the people who work in venture capital are Black. The stats about the fund received by black women entrepreneurs in the recent years highlights the problem.
Her partner Alison Rapaport Stillman backs Serena while stating that VCs ignore products and services made for audiences they’re unfamiliar with, even those representing massive markets with loyal customers. There is no surprise element that the primary reason why women and entrepreneurs of color struggle to access venture funding is the ignorant nature of VCs.
However, just like in tennis, Serena does not believe in following the herd mentality while taking on investments. Amongst the portfolio of more than 50 companies, 60% of the founders are women or people of color. Serena agrees that there is a social purpose to that decision.
Serena Ventures has a market cap of $14 billion and 29 active investments. Their most recent acquisition was on May 27, 2021, when Infinite Objects raised $6M.Serena Ventures has made 21 diversity investments. Their most recent diversity investment was on December 5, 2020, when Kiira Health raised. Serena Venture’s most notable exits include The Wing and OLLY.
A sample of the funds’ investments includes the following:
1. Billie (personal care)
Offers body products and shaving supplies at a fair price, without the “pink” tax.
2. Brandless (e-commerce)
Sells personal care, food, and household goods products under the Brandless brand.
3. Impossible Foods(food)
Produces a new generation of meats and cheeses made entirely from plants.
4. HoneyLove (apparel)
Sculptwear is an alternative to traditional shapewear that gives a smooth and tucked-in look under clothing.
5. Daily Harvest (food delivery)
Delivers pre-prepped, frozen, healthy cuisine to your door.
6. Coinbase (financial software)
Allows traders to buy and sell bitcoin in the cryptocurrency and blockchain space.
Serena Ventures also works with accelerators (including 500 Startups) and diversity-focused funds to source leads and looks at opportunities that originate outside significant startup hubs. Plenty of its portfolio companies come from Silicon Valley, but two of its most recent investments came from North Carolina and Wisconsin.
They are finding new sectors to focus on, such as the rise of online education. That includes looking at digital learning as a supplement and a way to attack inequities in traditional education systems. One recent investment they made is Fiveable, a woman-led Milwaukie ed-tech startup helping students prepare for AP exams by offering free online resources.
To conclude, Serena Ventures will continue to invest in companies that embrace diverse leadership, individual empowerment, creativity, and opportunity and achieve its goal of making a difference.
Quoting its founder, Serena,’ I am by no means alone in my mission to build an inclusive venture capital landscape. The champions for Black female founders are here to stay. It’s time we all play on the same court.
This post was written in collaboration with Asif Yahiya Sukri LLP. Asif Yahiya Sukri LLP provides unparalleled personalized financial services to a broad range of clients across different geographical locations. With a presence in the USA, India and the MENA region, they ensure that all of your financial decisions are made carefully and with your best interests in mind. They are innovators who understand what goes into building companies.
You can also reach out to them on info@aysasia.com
Follow Us @
