Serena Williams on Thursday took to Twitter to announce her latest investment in the mental health start-up Wondermind, co-founded by musician and actor Selena Gomez, through her venture capital firm Serena Ventures.
As per Bloomberg, Williams' Serena Ventures helped the company raise $5 million at a $100 million valuation. Speaking about the collaboration, Williams said she was "so proud" to have invested in the company.
"So proud to be an investor in @letswondermind - changing the way we deal with mental health," Williams wrote on Twitter.
Wondermind, which focusses on encouraging discussions around mental health and promotes routines for a healthy mind, said the funding would be used to "accelerate" the company's ecosystem across all platforms.
"This funding will be used to accelerate the building of Wondermind's mental fitness ecosystem across all platforms — with the ultimate goal of making mental fitness exciting and accessible to all," a statement from the company read.
Serena Ventures was joined by Lightspeed Venture Partners and Sequoia Capital in the $5 million early-stage round.
"I did a couple of bad investments in the beginning but that was when I learned the importance of due diligence" - Serena Williams
Serena Williams has spoken about her interest in venture capital on a number of occasions, and she reiterated being on a learning curve in the business during a recent interview with Bloomberg.
Revealing that she started off with a couple of "bad investments," Williams said she eventually learned the importance of due diligence. The American added that, for her, it was really important to invest in and support businesses being run by women and people of color.
"I was drawn to early-stage (investments). I did a couple of bad investments in the beginning but that was when I learned the importance of due diligence," Williams said in the interview with Bloomberg. "I naturally fell into seed investing because of how you have to help the founders, how you have to help the team."
"The only way to change that is people like me," she continued. "Black women, writing the checks. Like attracts Iike. Men like to write checks to other men. Women like to write checks for other women. Right now our portfolio has about 68% female or people of color which is really unheard of in the VC world. At some point, it's going to drop. You have to fight for what you want."