The world's premiere athletes are getting an early look at venture capital deals — partially thanks to their social media presence.
Professional athletes are looking to private companies to grow their wealth, or as a second career after sports. Others are looking to specialized venture capital firms like Next Play Capital who invest on behalf of wealthy, but lesser known athletes.
Athletes' Twitter and Instagram followers give them a direct line to fans, which in some cases can be used to promote portfolio companies they invest in. There's economic upside for both parties. A star athlete's endorsements help with marketing and can lower the cost of customer acquisition for portfolio companies. That can translate to a lower minimum investment for athletes and celebrities. Sakoda said there are often separate deals for doing events and promotions, but it's rare that athletes get any sort of "discount."
Impossible Foods is one example of a consumer brand leaning on celebrities and athletes to up brand awareness. Its high-profile backers include Serena Williams, Jay-Z, Katy Perry and Questlove. The company earmarked a percentage of its most recent fundingInvestors highlighted the relatively short careers in professional athletics, especially with risk of injuries.
Disposable income is increasing for top athletes along with salary caps, contracts and endorsement deals. Ryan Nece, a former Tampa Bay Buccaneers linebacker and managing partner of Next Play Capital said players' portfolios can now handle taking the relatively high risk of investing in tech start-ups.
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