Across America, one of the major challenges black entrepreneurs face is access to capital to either start a business or expand to underserved areas. A recent data notes that Black founders received just 0.5 percent of total venture funding in 2023, which highlights persistent inequities in resource distribution.
In recent times, a number of black individuals have stepped up to support black founders with funding to help scale their businesses.
These individuals include the following successful black athletes with their own venture capital firms:
Serena Williams (Serena Ventures)
Serena Williams is undoubtedly one of the greatest tennis players to grace the court. In her prime, she combined her tennis career with investing in business. In 2014, she launched Serena Ventures — a venture capital fund — after having had more than ten years of experience in investing.
Through Serena Ventures, she has invested in multiple companies, and some have even reached Unicorn status. Serena Ventures targets women and underrepresented founders, as per its LinkedIn profile.
She said she was motivated to go into venture funding because of the struggles blacks and women go through to get funding. Due to the targeted nature of her funding, her company’s portfolio comprises 79% underrepresented founders, 54% women founders, 47% Black founders, and 11% Latino founders.
So far, she has invested in over 80 companies, including Impossible Foods and MasterClass, an edutech platform which was valued at $2.75 billion in 2021. She also estimates that 14 of her portfolio companies have gone on to reach unicorn status.
Kevin Durant (35V)
Kevin Durant is one of the highest-paid NBA players in the world. This year, he was ranked third with total earnings of $99.9 million.
In addition to earning big on the field, he is a venture capitalist. He is behind Thirty Five Ventures (35V), a dynamic media and investment powerhouse. Founded in 2016, the firm has made over 50 investments so far.
Giannis Antetokounmpo
Giannis Antetokounmpo is a Nigerian-Greek NBA star who plays for the Milwaukee Bucks. In 2021, he guided the Bucks to their first NBA championship in 50 years.
In 2020, he signed a five-year, $228 million supermax extension with the Bucks, with an opt-out after the fourth year, according to Forbes. The deal put him among the top 15 highest-paid athletes in the world. He also signed a mouthwatering brand deal with Nike. Additionally, Disney secured a deal in 2020 to develop a movie around his life.
In addition to several businesses, Antetokounmpo is also a venture capitalist. He recently launched a venture capital firm called Build Your Legacy Ventures that will focus on sports and entertainment investing.
The fund was “not just about capital; it’s about forging partnerships and opening my network to accelerate the growth trajectory for companies,” he said in a press release. “I want to help other entrepreneurs, especially those who have faced barriers, to grow and succeed.”
Stephen Curry
Since coming to the NBA, Stephen Curry, who plays for the Warriors, has consistently ranked among the highest-paid players. Curry started with the Warriors in 2009 as the seventh overall pick in the draft and has since accumulated a huge fortune.
One of the greatest three-point shooters in the history of basketball, the 36-year-old became the first player with a $50 million salary in 2023-24.
One of Curry’s off the court moves is Penny Jar. He helps source new investment opportunities for Penny Jar and works behind-the-scenes to drive impact for the portfolio companies.
Penny Jar invested in several startups including Syndio, HiveWatch and Praxis Labs.
