Gwyneth Paltrow said to be raising $75m for Kinship Ventures fund

Actress joins other celebrities pivoting towards private equity and investing in start-ups

Gwyneth Paltrow is looking to invest in consumer goods and tech companies through Kinship Ventures. Bloomberg
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Gwyneth Paltrow is said to be raising $75 million for the debut fund of Kinship Ventures, a venture capital fund founded by her and Moj Mahdara, the former chief executive of BeautyCon Media.

The Oscar winner's fund seeks to invest in early stage consumer goods and technology companies, including web3 start-ups with a typical cheque sizes that will be between $500,000 and $3 million, Axios reported.

Founded in 2021, Los Angeles-based Kinship Ventures aims to invest in education technology, health technology, beauty, essentials and wellness industries, according to Pitchbook.

Last year, Kinship Ventures invested in cryptocurrency payment platform MoonPay, in a $87 million funding round that also included Ashton Kutcher, Bruce Willis, Eva Longoria, Justin Bieber, Jason Derulo, Paris Hilton, Matthew McConaughey and Snoop Dogg.

The new round of investment was part of Moonpay's $555 million Series A financing that gave the company a valuation of $3.4 billion.

MoonPay allows users to purchase a non-fungible tokens (NFTs) with a credit or debit card, and its MoonPay Concierge service helps high-net-worth individuals buy NFTs and cryptocurrency.

The National reached out to Kinship Ventures and Ms Mahdara for comment.

Ms Paltrow is also the founder and chief executive of Goop, a lifestyle brand she founded in 2008 as a newsletter before growing the platform into a $390 million company.

Last year, billionaire reality television star and businesswoman Kim Kardashian co-founded a private equity company that focuses on consumer products, digital and e-commerce, consumer media, hospitality and luxury.

Ms Kardashian, who has an estimated net worth of $1.7 billion, co-founded SKKY Partners with Jay Sammons, the former New York-based global head of consumer, media and retail operations at the Carlyle Group, one of the world's largest private equity companies with $376bn of assets under management.

In 2017, tennis icon Serena Williams founded Serena Ventures, which raised $111 million for its debut fund in 2022.

Last month, Serena Ventures invested in SoLo Funds, the largest and first black-owned US personal finance platform with one million registered users.

SoLo has surpassed 600,000 in loans funded and $300 million in transaction volumes.

“SoLo is transforming the lives of everyday Americans with democratised access to capital and returns that [are] truly rooted in community. Community finance is working and SoLo is proof of that,” Serena Williams said last month.

“We are proud to stand behind SoLo as it continues growing at an incredible pace and focuses on giving underserved groups and individuals the tools they need to thrive financially.”

Updated: March 03, 2023, 11:08 AM