Serena Williams, an iconic figure in the world of sports, launched Serena Ventures in 2014. The initiative was birthed from a pressing need: to combat the staggering underfunding of women’s businesses and brands. Fast forward nearly a decade, and her impact on the entrepreneurial landscape is growing even further, as she takes on a notable role in the newly established Unrivaled basketball league.
On September 8, it was revealed that Serena, through her venture capital firm, has invested in this exciting new women’s off-season basketball league, which promises a refreshing twist to the women’s professional sports scene. This league, focusing specifically on 3-on-3 basketball, kicked off its inaugural season in January in Miami, providing a lucrative opportunity for WNBA players to earn additional income and showcase their talents domestically during the off-season.
What sets Unrivaled apart, as reported by ESPN, is its unique playing style and competitive salary structure. Players have the potential to surpass the average salary of their WNBA counterparts, making it an attractive league for top talent. By the end of its inaugural season in March, Unrivaled had already achieved an impressive valuation of $340 million.
The recent Series B funding round is a notable highlight for Unrivaled, attracting a star-studded roster of investors. Alongside Serena Williams, notable figures include Atlanta Hawks star guard Trae Young, young basketball prodigies Franz and Moritz Wagner from the Orlando Magic, and Darryll J. Pines, president of the University of Maryland, and his wife, Sylvia. The diverse investment pool symbolizes the growing recognition and support for women’s sports and business ventures.
Alex Bazzell, President of Unrivaled, emphasized the strategic importance of this investment, stating, “We’re continuing to align with partners who elevate our league and accelerate our strategic growth.” With Bessemer Venture Partners leading this funding round, the league finds itself in an unprecedented position for a new sports initiative, showcasing a promising trajectory ahead.
Serena Ventures stands as a powerful player in the venture capital landscape, having invested in over 60 companies within just over ten years. Williams has consistently identified significant gaps in funding for female entrepreneurs and worked tirelessly to bridge that divide. In a heartfelt essay for Vogue in April 2022, she shared her decision to step back from professional tennis, choosing instead to focus on her family and expanding her venture capital endeavors.
In her essay, Serena reflected on her motivation, revealing how her experiences led her to realize that less than 2% of venture capital funding was allocated to women-owned businesses. “I kind of understood then and there that someone who looks like me needs to start writing the big checks,” she wrote. Her insight captures the systemic inequities prevalent in the funding landscape and underscores her commitment to change the narrative by empowering women entrepreneurs.
Serena Williams’s journey from a tennis superstar to a venture capital leader showcases her commitment to not just break records on the court but also create pathways for others to succeed off the court. Through initiatives like Serena Ventures and her investments in ventures like Unrivaled, she is making significant strides in fostering an inclusive ecosystem that supports women’s economic empowerment and entrepreneurship.