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Celebrity-backed investment firm Avenue Capital Group seeks to raise more than $1 billion. According to a press release, Marc Lasry and Sonia Gardner’s Avenue Capital Group established a sports investment fund in October 2023 to provide capital to sports leagues and teams in North America and Europe. The fund intends to extend its reach to Africa, Asia, South America, and Australia. The fund also plans to supply financial solutions to sports teams, owners, and leagues and invest in sports media, entertainment rights, real estate, and associated ventures, per the press release. Notable names supporting the venture include Stephen Curry, Lauren Holiday, Harry Kane, Candace Parker, Michael Strahan, and Lindsey Vonn. “We built out the company advisory board of athletes who are part of our company… Lauren Holiday, Candace Parker, Harry Kane over in Europe, and Steph Curry,” said Strahan during an interview with Forbes at the 2024 Forbes Iconoclast Summit. “It’s interesting ’cause it was...
Ice Cube’s Big3 league is heading to Houston, TX, and Miami, FL. With a unique feature that lets fans purchase stakes in the league, the 3-on-3 basketball league remained open to new investors and achieved a $10 million sale of its first team in May 2024, as AFROTECH™ previously reported. The team was sold to a group led by investment firm DCB Sports as part of the Big3’s plan to move from a touring league to a city-based model with the sold team based in Los Angeles, CA. “We need to plant our roots in cities so we can be more than a rolling all-star game coming through,” Ice Cube told Bloomberg at the time. “It’s really about growing the sport and the league.” The Big3 league aims to sell all 12 of its teams and is now one step closer to that goal as it expands to Houston, TX, according to new information released by Bloomberg. Eric Mullins, a former Goldman Sachs executive now leading equity firm Lime Rock Resources, and Milton Carroll, the minority owner of Major League...
TMRW Sports, co-founded by Tiger Woods, Rory McIlroy, and Mike McCarley, has announced a new funding round. As AFROTECH™ previously told you, TMRW Sports has secured investors such as Shaquille O’Neal, Dwyane Wade, Stephen Curry, Chris Paul, Andre Iguodala, and Jayson Tatum, as well as Kevin Durant and Rich Kleiman’s 35V . Now, according to Bloomberg, TMRW Sports has received funding in a round led by Dynasty Equity Partners and Connect Ventures — bringing the sports, media, and entertainment company’s valuation to $500 million. “Our goal has always been to partner with world-class management teams in sports that have a big following,” K. Don Cornwell, co-founder of Dynasty Equity Partners, said per Bloomberg. “TMRW is taking intellectual property and applying it in such a way that’s going to not only get existing fans excited, but bring new fans under the tent. And, since accessibility and bringing diversity into sport is among our priorities, it’s a great fit.” According to...
Former Atlanta Hawks player Dominique Wilkins is attaching himself to a winning cause. According to a news release, the NBA Hall of Famer is now committing his focus to Roots, an Atlanta, GA-based real estate company that offers a model benefiting investors and renters. Per its website, the company will purchase, manage, and rent homes to renters. From there individuals can become investors, and the renters can also opt in if they comply by paying their rent on time and maintaining the property. Since Roots’ launch in 2021, it has raised $33 million from over 6,000 investors to support its mission. Wilkins is now among its investors and also serves as the company’s partner and spokesperson. His intention behind supporting the brand is to create more opportunity in real estate for those frequently marginalized. Looking ahead, Wilkins’ work with the company will include using his likeness in videos and at gatherings to promote Roots and its “Live in it Like You Own it®” proprietary...
Naomi Osaka has scored another investment. As AFROTECH™ previously reported, the tennis athlete launched the media company Hana Kuma with Stuart Duguid in June 2022, in collaboration with LeBron James and Maverick Carter’s SpringHill Co., which serves as its financing, operations, and producing partner. In April 2023, Hana Kuma closed a $5 million funding round that included participation from SpringHill and other investors to support its team and programming and create “a more robust business plan.” The move was part of a spin-off that would give the company more independence. “We really want to see her build her own version of SpringHill,” Carter said then, according to The Hollywood Reporter. “We’ve worked really hard to get SpringHill where it is, but now we want to help others to do the same, and to do it different than as we have done at SpringHill, and to do it in their own way and their own voice.” Just over a year since its last investment, Hana Kuma has attracted...
Caleb Williams, rookie quarterback for the Chicago Bears, is scaling his interest in the investment space. While in college at the University of Southern California, Williams was among the first athletes to leverage name, image, and likeness (NIL) deals. He became a part- owner of the male grooming company Faculty in 2022, as AFROTECH™ previously reported. He was also the No. 1 draft pick in the 2024 NFL Draf t and was picked by the Chicago Bears . Now, Williams is scaling his interest in the investment arena by launching his own investment firm. Williams has established 888 Midas, which will “capitalize on select alternative investments in private equity, venture capital, and real estate,” according to a press release. His partners and advisors will support the firm. They include: Sherif Guirgis, former managing director of Main Street Advisors Ross Walker, co-founder and managing partner of Hawkins Way Capital, a multi-billion-dollar real estate enterprise John Terzian, co-founder...
Shaquille O’Neal once invested in Ray J’s music career. During an interview on Shannon Sharpe’s podcast “Club Shay Shay,” the R&B singer-turned-entrepreneur reveals he received $1.5 million from the former Los Angeles Lakers basketball player to support “Sexy Can I,” the first single from his 2008 studio album “All I Feel.” The single featuring Yung Berg would go on to become a top 10 hit on Billboard. O’Neal saw a big return on that investment , Ray J says on the podcast. “He gave us $1.5 [million] for the ‘Sexy Can I’ project, which was the ‘All I Feel’ project, and ‘Sexy Can I’ was the record to lead off. It sold 8 million copies,” Ray J told Sharpe. “We recouped the number back for Shaq, and I don’t know five months, six months, and everything else has been profitable ever since, so shout out to Shaq.” He added, “If you look at the ‘Sexy Can I’ video, you see Shaq in the video. He’s the one with the camera.” Photo Credit: YouTube/ MNRK Music Group O’Neal has distinguished...
Kenya will receive significant backing to support education. According to a news release, the United States signed a Framework for Cooperation with the Kenyan government to support innovation in STEM fields in partnership with its universities and the industry. During Kenyan President William Ruto’s U.S. visit, USAID Counselor Clinton White signed the “Enhancing Science, Technology, Engineering, and Math (STEM) Education for Economic Development Framework for Cooperation” along with Kenyan Prime Cabinet Secretary Wycliffe Musalia Mudavadi at Spelman College in Atlanta, GA. Enhancements to Kenya’s education infrastructure will soon be in effect, empowered by a $32 million commitment, the U.S. Agency for International Development (USAID) also announced. This includes $850,000 earmarked for the Edtech Africa initiative — a program to promote collaboration between HBCUs, the Open University of Kenya, Mastercard, and Microsoft. The investment will also encompass a $6.5 million project to...
OpenseedVC, run by Europe’s first Black solo general partner, has raised $10 million in its first close. Per its LinkedIn, the London, England-based firm exists to invest dollars in operators, those previously involved in daily operations of a startup, who are launching new technology companies across Africa and Europe. “We exist to back the most talented and experienced operators from day zero,” OpenseedVC Founder Maria Rotilu wrote on LinkedIn. “ As an angel-style fund, we are designed for one founder profile. Operators just as they take the leap to start their tech companies. We are driven by *pure merit* (hence the name OpenseedVC), and our goal is to back the most experienced operators and builders as first investors, especially at a time where the need to build truly groundbreaking and impactful solutions is critical.” She continued, “It is a tough fundraising climate, for funds and startups alike. However, we believe this is the best time to invest in the most visionary and...
Uncle Nearest’s presence in the spirits sector continues to rise. The whiskey company, established in 2016 by Fawn Weaver to honor Nathan “Nearest” Green, a formerly enslaved man who taught Jack Daniel how to make whiskey, has scaled into 30,000 stores, bars, hotels, and restaurant s in 12 countries, as AFROTECH™ previously reported. In its latest report, Bloomberg notes Weaver aspires to own a larger share of the spirits market. This stance has motivated the company to purchase vodka maker Square One Organic Spirits. Additionally, she mentions a settled legal dispute between Diageo Plc and Sean “Diddy” Combs concerning his vodka brand as a contributing factor for her latest acquisition, noting a void in the market and the importance of having a Black-owned vodka occupy space. The market is heavily dominated by major players such as Diageo PLC and LVMH, with valuations totaling nearly $79 billion and $423 billion, respectively, the outlet mentions. Uncle Nearest continues to gain a...
Prominent individuals in entertainment are joining forces to provide self-help resources to the Black community. This is being made possible through the inception of ALTR, described as a motivational and self-help app, per the company’s LinkedIn. The platform was co-created by David A. Wilson, founder of TheGrio, and Brandon John-Freso, who serves as the company’s chief technology officer, and is supported through a partnership with Viola Davis and husband Julius Tennon’s JuVee Productions. ALTR serves to provide audiobook miniseries that will tend to “the distinct life obstacles faced in the Black community,” Variety reports. These audiobooks will include topics such as: Mental well-being Feelings of isolation Financial stability Spirituality Personal relationships And more “There is a yearning for solutions and knowledge from our cultural perspectives,” Wilson told Variety. “Our authentic voices are lacking in the existing self-help, wellness and educational platforms, which is...
Ice Cube is finally putting plans in motion to sell teams included in his Big3 basketball league roster. According to Bloomberg, in a deal worth $10 million, the 3-on-3 basketball league has sold its first team to an outside party. Led by investment firm DCB Sports, a group has acquired the team, with Los Angeles, CA, to serve as its home city. This also launches the league’s transition from a touring league to a city-centric model. All 12 teams on the roster have been put up for sale. “We need to plant our roots in cities so we can be more than a rolling all-star game coming through,” Ice Cube said in an interview with the outlet. “It’s really about growing the sport and the league.” Created in 2017, teams in the Big3, which include the 3 Headed Monsters, Ghost Ballers, and more, have been owned and operated by the league. Per the report, management aims to announce four new ownership groups by the start of its season, which kicks off in June. View this post on Instagram A post...
Snoop Dogg was one of Reddit’s earliest investors. The social news website and forum was created in 2005 by Steve Huffman and Alexis Ohanian while they were college students at the University of Virginia. Their idea was supported through startup incubator Y Combinator, which gave them access to $12,000 in funding for their vision to build “the front page of the Internet,” The Street reports. The company would grow as users were able to create a slew of subreddits that encompass a range of topics. Six years from Reddit’s inception, it became a major player in the social media sphere, boasting 35 million visitors and 2.8 billion pageviews, Ohanian wrote in Fast Company. In 2014, the company attracted the support of Snoop Dogg, who participated in a $50 million seed round led by Sam Altman, now OpenAI co-founder and CEO. “I worked my way in. You understand me? I didn’t mean to tell everybody, but I’m a part of Reddit too,” Snoop Dogg said in a 2017 interview for “GGN News.” The...
Chris Brown has been in the game for a little over two decades, and making smart business moves coupled with his talent may just be the reason for his longevity in the industry. During an appearance on “The R&B Money Podcast” with hosts J. Valentine and Tank, the R&B crooner opened up about what encouraged him to make franchise investments early on in his career. “I was 17 when I started trying to invest in certain things, just ‘cause I knew… You don’t know how long you going to be successful, and it’s not like every artist can make it look like they getting money, getting money,” he told his fellow R&B comrades. “If you’re not a touring act, if you’re not doing stuff, you need an exit strategy.” As previously reported by AFROTECH™ , during a 2015 interview, Brown told US Weekly that he was the owner of 14 Burger King restaurants. This type of planning, he told the “R&B Money Podcast,” can be a game-changer for an artist. “My investments were like into Burger Kings and stuff like...
Not having a chance to invest in major players in tech ultimately catapulted Serena Williams into the investment ring. During an interview on Bloomberg’s “The Deal,” Williams recalls a time in her tennis journey when she could have faced less pressure to win on the court if she had placed dollars in companies such as Facebook, Airbnb and Google — all companies valued at more than $100 billion today. “Tennis is all sponsor based, and I would see like some of these sponsors come up, but I’m like, ‘Well I have some little cash, like how did I not invest in Facebook? How can I invest in Airbnb or how did I miss Google? Or like, you know, all these companies,'” Williams said on “The Deal.” “ And I started to ask these questions like, ‘Why am I out here breaking my neck and sweating when I could have invested in these companies and I could still be doing the same thing, but it wouldn’t have to be such dire needs, ‘I’ve gotta win this U.S. Open this year. I’ve gotta pay these bills.’ So, I...