Athletic Ventures, the Australian venture capital firm co-founded by Matt de Boer and Matthew Dellavadova, has appointed NBA champion Kevin Love as a venture partner to lead its expansion into the United States.
Love's remit has two parts: supporting portfolio companies with their own US plans, and building an investor community among American athletes. Dellavadova said Love's network would open doors for founders, and that after 18 years in the NBA he knows many athletes who could be introduced to the community.
The two men were teammates at the Cleveland Cavaliers, where, alongside LeBron James, they won the 2016 NBA championship. They reunited on a recent trip marking the 10-year anniversary of the title, where Love became interested in what Athletic Ventures was building.
The firm says its community now includes more than 500 athletes from 26 sports. It has deployed its first $35 million fund alongside 14 special purpose vehicles (SPVs). Investments include Eucalyptus, Guzman y Gomez, Lorikeet, Hnry and, more recently, Adelaide-based allied health startup splose.
Despite the push into the US, the firm says its focus remains on Australian founders. De Boer said athletes add the most value in go-to-market work, where PR, social media and personal networks can help founders. A larger US athlete base, he said, would allow the firm to offer that support to Australian companies expanding into the American market.
Love, who has a long record of angel investing, said US athletes are increasingly interested in entrepreneurship and investing. He said the community of athletes, business leaders and founders learning from one another was what attracted him to the firm.
