Venus Williams, the American tennis legend, has joined the private equity firm Topspin Consumer Partners to focus on investing in health and wellness businesses. The seven-time Grand Slam champion will join the middle-man investment firm as an operating partner.
According to Reuters, Venus Williams took the position because she wanted to take a more official approach to investing in startups. The Olympic gold medalist will advise Topspin-owned companies on marketing strategy and investment prospects.
The sector is dealing with a devalued economy and limited credit markets, but she is optimistic about the availability of suitable assets if properly investigated.
“Now you have to find real businesses that make real sense. And there’s still room for growth in so many industries, despite what’s happening in the marketplace,” Venus Williams said in an interview. “It’s definitely a different market but that also provides more opportunity”, she added.
In a statement released by Topspin on Wednesday, Leigh Randall, co-founder and Managing Partner at the firm, disclosed that the tennis legend has been with the firm since November 2022, describing her as “a terrific addition to the team”.
“She’s been looking and participating in conversations on every new deal we consider here,” Randall said.
“We wanted someone who could really help us on the health and wellness front and also in areas like beauty and personal care, areas where we invest in a lot”, Randall said. He explained further that the firm also “wanted someone with access to deal flow” given her background in entrepreneurial and personal investing work.
According to her, there are numerous industries in which African Americans have historically been underrepresented. Tennis, too, and she spends a lot of time in companies that need that penetration, which has led her to develop ways for that to be prioritized.
With its portfolio company reCommerce, the Florida-based technology firm purchased Firefly Buys LLC, a full-service e-commerce accelerator, in February. According to the firm’s website, its goal is to become one of Amazon’s top North American sellers.
Topspin, located in Westchester County outside of Manhattan, was created in 2000 as a venture capital business. Randall joined the firm in 2004 to help expand the private equity business, but the firm eventually decided to focus on consumer-focused investments. Topspin is currently focused on control investments at the lower end of the middle market.