Serena Williams, one of the wealthiest Black women in America and one of the greatest female tennis players of all time, has launched a new company, Will Perform, as part of a concerted effort to enter the billion-dollar sports recovery industry.
The move comes as small-scale athletic recovery businesses capitalize on the growth of the sports recovery industry, which includes both large and small-scale stakeholders such as small-scale wellness centers, sports recovery spas, and gyms.
Williams revealed that she came up with the idea for Will Perform in 2021 together with veteran consumer products whiz Eric Ryan, who has had a string of successes, co-founding three companies that have been partly or entirely acquired by much larger firms.
She believes her experience playing professional tennis for nearly three decades positions her well to create products that people truly need, As the cofounder of Will Perform, she will focus on aiding physical recovery from workouts with products for topical pain relief, muscle, and skin care.
“I want to provide things that people really need and things that I can actually use that are very authentic to me,” Williams said.
Will Perform previously raised $8 million from Base Ventures, Serena Ventures, the venture capital company that Williams founded in 2017, and Obvious Ventures, a company co-founded by Ev Williams (known for co-founding Twitter and blogging site Blogger).
Williams’ net worth has risen by $20 million since the beginning of the year, from $240 million at the start of the year to $260 million at the time of writing this report.
The majority of her recent multimillion-dollar net worth gain can be credited to earnings from different endorsement deals with leading brands such as U.S. sportswear giant Nike and leading investment bank JPMorgan Chase.
The surge in her net worth can also be attributed to the success of some of her investments in businesses, which she made through Serena Ventures.