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Serena Williams is keen on investing in startups changing the world for the better.
That strategy explains her earlier investment in Coinbase, a company on a mission to “bring economic freedom to people all over” through an app that allows casual consumers to buy and sell Bitcoin and other cryptocurrencies.
But a battle at Coinbase on the role of employee activism at work may have her tiptoeing away from the startup.
Serena Ventures, the investment firm started by Williams, has quietly removed Coinbase from the investments page on its website, even though it backed the cryptocurrency startup that’s now entangled in political controversy.
In September, Coinbase’s CEO Brian Armstrong publicly posted a memo describing how the company should take a hands-off approach to politics and social causes, and instead stay focused on the company mission. The directive was viewed by some as a “cultural reset” after employees pressured the startup to issue a statement on the Black Lives Matter movement in June, and the company’s stonewalling led some to quit and others to do a virtual walkout.
Williams revealed her Coinbase stake in an Instagram post in 2019, when she announced that she had created a VC firm years earlier. The post said she’s focused on investing in startups that promote diversity.
“In 2014, (yes I know I can keep a secret) I launched Serena Ventures with the mission of giving opportunities to founders across an array of industries,” Williams wrote on Instagram. “Serena Ventures invests in companies that embrace diverse leadership, individual empowerment, creativity and opportunity.”
In 2014, (yes I know I can keep a secret) I launched Serena Ventures with the mission of giving opportunities to founders across an array of industries. Serena Ventures invests in companies that embrace diverse leadership, individual empowerment, creativity and opportunity. Slide right to see a few brands in our portfolio. We have so many exciting things coming up! Learn more at serenaventures.com. Link in bio.
A post shared by Serena Williams (@serenawilliams) on Apr 17, 2019 at 5:59am PDT on
Apr 17, 2019 at 5:59am PDT
At least one cryptocurrency insider says Armstrong’s memo is in conflict with …read more
Source:: Businessinsider – Tech