As more and more celebrities get involved in venture capital, there is growing demand from these elite influencers to discover companies that align with their vision.
PLUS Capital founder and managing partner Adam Lilling told Cheddar Monday that his company serves as a matchmaker that brings growing startups and celebrities together.
"We take these people who can affect change in the world, more today than most people can in a lifetime, and we try to pair them up with the world-class operators and entrepreneurs that are out there," he said.
When Lilling started the firm about seven years ago, PLUS found that celebrities could profit more from taking equity in exchange for brand endorsement rather than a cash payment.
"You were leaving a lot of money on the table because for every dollar in talent fees, there was this opportunity to make maybe $10 in enterprise value," Lilling said.
High-profile clients of PLUS include Ellen Degeneres and wife Portia de Rossi, the latter of whom called Lilling her "business brain." De Rossi will reportedly be participating in a new $60 million fund from PLUS although the firm has not confirmed or commented on this report.
Amanda Groves, a partner at PLUS Capital, says identifying a company's core mission is a significant factor when recommending it to one of the firm's clients.
"Most importantly, can our talent be additive to what that company wants to achieve," Groves said. "That authenticity matters and consumers are smarter these days than they ever have been before. And so they know when it feels transactional."
While not a PLUS Capital transaction, as if to prove Groves' point, Deadpool actor Ryan Reynolds surprised fans Monday with a surprise announcement that he purchased a stake in affordable mobile carrier Mint Mobile.
Reynolds will reportedly own 25 percent of the wireless service, according to TechCrunch.
Over the weekend, 20-time Grand Slam champion Roger Federer declared his investment and partnership with shoe brand On from his native Switzerland (also not a PLUS transaction).
However, PLUS Capital represents its share of legendary athletes, as well.
Groves shared an example of how three-time Olympic gold medalist snowboarder Shaun White had offers from large beverage and fast food companies for endorsement deals. Instead, he chose to invest in brands that aligned better with his diet and lifestyle, like Beyond Meat, Sweetgreen, and Casper.
"Those [brands] were more aligned with the passions and interests of what he was doing in his day-to-day life," Groves said.
Like Beyond Meat, many of the companies in the PLUS' portfolio have gone public, and that strategy is no accident. Lilling says his firm avoids the risks associated with picking companies too early, instead opting for clear winners in a particular space.
"The opportunity for the celebrity right there, at post-market product fit, is actually gonna move the needle," Lilling said. "It's gonna be gas on the fire for a company."
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
