Serena Williams investment firm, known as ‘Serena Ventures’ backs Nigerian data company ‘Stear’ to raise $3.3 Million.
Serena popularly known as a professional tennis player, launched her investment firm, Serena Ventures in 2014. The firm focuses on investing in companies at their early stage, giving them a chance to grow.
The investment firm which was a part of Serena’s post-retirement plan after she quit tennis in September, has invested in over 60 start-up companies such as Coinbase an online platform for buying and selling cryptocurrency. She has also invested in other companies such as Floravere, a wedding dress company, Billie, a body and wellness company, etc.
Serena ventures recently backed a Nigerian data and insight company, Stears inc in raising 3.3 million dollar seed round. This seed round was led by Mac venture capital and joined by Omidyar Group’s Luminate Fund, Melo 7 Tech Partners and Cascador (Empowering Economic Growth Foundation).
Stear inc which was founded in 2017, by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana, and Michael Famoroti, who met at the London School of Economics and Imperial College in the UK. It is set to become one of the world’s most trusted sources of African data, data collection, and insight tools for businesses.
Serena Williams in an interview with Bloomberg said the reason for the investment is that the data company had a strategic plan of how to increase the investment society on the continent. She added that through a combination of technology and data, Stears is well-placed to influence the enormous data opportunity on the continent.
According to Stear, the 3.3 million dollar funding will be used to expand the firms product and to fuel its geographic expansion.