Tennis Star Maria Sharapova Gets Equity Stake In Investing Platform Public.com - TheStreet
4 hours ago
The trading app is tailored toward breaking down barriers toward investing for young people.
Retired tennis champion Maria Sharapova is putting her money towards Public.com, an online trading platform tailored for young investors.
Sharapova acquired an equity stake of undisclosed size in Public.com, the company announced in a press release on Monday.
Launched out of New York in 2019, the platform is similar to Robinhood ( ( HOOD ) - Get Robinhood Markets, Inc. Class A Report ) in that it lets users buy and sell stocks or cryptocurrencies online.
But is designed to reach those who may otherwise be left out of investing: young people, women and people of color and first-time investors.
The winner of five Grand Slam titles, Sharapova was a major name in tennis throughout the 2000s and is estimated to have earned over $325 million in various partnerships and sponsorships. According to Forbes, she was the highest-paid female athlete in the world for 11 consecutive years.
In the nearly three years since it launched, Public.com has raised $310 million from main investors such as Accel, Greycroft and Lake Star, as well as actor Will Smith and NFL player JJ Watt.
Neither Sharapova nor Public.com revealed how much she put toward the app.
As part of the partnership, Sharapova will also host events and advise NCAA student athletes on the app.
CNBC reported that the number of investors on Public.com's increased by 13 times in 2020.
"After winning my first Grand Slam at 17 years old, I was introduced to the business world at a young age with new brand deals and business opportunities,” said Sharapova. “It can be a very intimidating environment and one that I had to learn to navigate as just a teenager."