Tennis professional Serena Williams has supplied an undisclosed amount of capital for a fund formed by US-based dating app developer Bumble, Fortune has reported.
Bumble launched a corporate venturing vehicle to invest in female-founded and female-led businesses in August 2018. It invests between $5,000 and $250,000 in each portfolio company and is focusing on startups led by women from diverse backgrounds and women of colour.
The vehicle launched with a $1m commitment from Bumble and also counts actress Priyanka Chopra as an investor. Williams will advise the fund and will judge a pitch competition next month with Bumble founder and chief executive Whitney Wolfe Herd.
Bumble Fund’s investments so far include beauty event promoter BeautyCon and swimwear producer Sofia Los Angeles, as well as a fund manged by venture capital firm Cleo Capital.