Serena Ventures

Serena Ventures Research

Investment Thesis

Serena Ventures, founded in 2017 by tennis legend Serena Williams and Alison Rapaport Stillman, views the underfunding of women and founders of color as a significant market inefficiency. The firm backs bold founders reshaping how we live, work, move, and connect. Their unique advantage is access to Serena Williams' global network across sports, entertainment, and communities of color, combined with deep operational expertise and a commitment to founder success.

Founder Demographics and Commitment to Diversity

Serena Ventures has built one of venture capital's most diverse portfolios:

• 79% of portfolio companies founded by underrepresented groups
• 54% women founders
• 47% Black founders
• 11%+ Latino/Latina founders

As the firm states, "78% of our portfolio happens to be companies started by women and people of color, because that's who we are." This demographic focus is not a side effect—it's the core investment thesis.

Fund Structure and Capital

Serena Ventures launched in 2014 as a vehicle for Serena Williams' personal angel investments. In 2022, the firm announced its debut institutional fund of $111 million. Over 85+ portfolio companies have been invested through the fund, with 16 achieving unicorn status (valued at $1B+).

Sector and Stage Focus

Serena Ventures invests across diverse sectors including:

• Fintech and Financial Services (Esusu, GoodCash, Solo Funds)
• Healthcare and Wellness (Juno Medical, Teal Health, Midi Health, HUED, Limber, WonderMind)
• Consumer Technology and E-commerce (Calico, Rebel, Parfait, BOSS Beauties)
• Education (Fiveable)
• Food and Beverage (Khloé Foods)
• Supply Chain and Operations (Tracflo)
• Climate and Sustainability (Pachama)
• Media and Sports Technology (OpenSponsorship)
• Web3 and Crypto (Bitski, Lolli, Nestcoin, Big Head Club)
• Community and Social Impact (Stears, Wile)

Stage Focus: Primary focus is Pre-Seed through Series A, with typical check sizes of $100K-$500K. The firm makes follow-on investments in strong portfolio companies.

Recent Activity and Fund Status

As of February 2026, Serena Ventures is actively deploying capital:

• February 2026: Participated in $100M Series D for Midi Health (women's health unicorn) led by Goodwater Capital
• January 2026: Joined $10M seed round for Teal Health (women's health/PCOS) led by Emerson Collective and Forerunner
• September 2025: Fund status remains actively deploying with 4+ new investments in the last 12 months
• Portfolio valuations: Over $33 billion in total assets under management across portfolio companies

Notable Portfolio Achievements

Unicorn Companies (16 total): Including Esusu (unicorn status achieved in 2024, featured on CNBC's Disruptor 50), Midi Health (Series D, February 2026), and others

Exits:

• Wile (acquired)
• Zitti (acquired)

Growth Stage Companies:

• Esusu: Credit building for renters. 25% increase in on-time payments for property managers; residents see average 51-point credit score increase within 18 months
• Calico: Supply chain management for fashion/retail with vetted factories
• Pachama: AI-powered satellite data for carbon credit investments
• Remarkable AI: Personalized ecommerce messaging platform serving 1,000+ brands
• Stears: Data intelligence platform for Africa analysis

Investment Decision Process

Serena Ventures operates with a partnership model. The firm makes follow-on investments in strong portfolio companies and maintains active engagement with founders. Investment decisions are informed by market timing, founder quality, and alignment with the firm's thesis around diverse founder backing.

Check Size and Stage Preferences

Pre-Seed: $100K-$300K Seed: $250K-$500K Series A: Follow-ons and selective participation

Typical target ownership at seed: 10-20%

Lead Tendency

Serena Ventures primarily co-leads and follows strong lead investors. The firm adds value beyond capital through:

• Network access (Serena Williams' global sports, entertainment, and community networks)
• Operational expertise from team members
• Portfolio company introductions and collaboration opportunities
• Founder support and mentorship

Geographic Focus

Primarily United States (San Francisco-based) with particular strength in connecting founders to Serena Williams' networks. Increasingly global with investments in Africa (Stears, Numida), Europe, and Latin America.

Team and Expertise

Serena Williams (Managing Partner): Tennis legend, founder of Serena Ventures, brings global celebrity status and networks across sports, entertainment, and communities of color. Active in strategic direction and founder relationships.

Beth Ferreira (General Partner): Deep venture capital expertise and operational knowledge

Sharla Grass (Partner): Investment thesis alignment and deal sourcing

Shara Jubilado (Fractional CFO): Financial management and fund operations

Additional team includes Anis Rashid (EIR), Paris Koka (Investor), Kyra McCarty (Operations Manager), Assa Camara (Chief of Staff), Olivia Griffian (Partnerships & Portfolio Support), and Judson Asiruwa (Venture Fellow).

Founder Preferences

Serena Ventures explicitly backs founders who:

• Are women or people of color (primary thesis)
• Solve real problems for underserved communities
• Have grit and resilience (philosophy inspired by Serena's tennis career)
• Are bold and ambitious in their vision
• Are willing to work with strategic partners for growth

The firm views founder diversity as both a values proposition and a market efficiency play—believing diverse teams build better companies and create better returns.

Notable Position: Unrivaled Sports

Beyond Serena Ventures as a VC fund, Serena Williams personally invested in women's three-on-three basketball league Unrivaled, which achieved $340M valuation in September 2025. This demonstrates her broader investment philosophy beyond startup equity.

Competitive Advantages

1. Unique Network Access: Serena Williams provides access to her personal networks in sports, entertainment, media, and global business
2. Founder Alignment: Strong alignment with diverse founder communities creates natural deal sourcing
3. Value-Add Beyond Capital: Team provides operational support and strategic introductions
4. Track Record: 16 unicorns and $33B in portfolio valuations demonstrates consistent success
5. Global Reach: Access to international networks combined with US base

Fund Performance and Returns

With 16 unicorns among 85+ portfolio companies and $33B in total valuations, Serena Ventures has demonstrated strong venture capital returns. The firm's success validates the thesis that backing diverse founders creates both financial returns and social impact.