Carrie Underwood's fit52, a fitness and wellness app, is first to receive a check from the new $50 million fund.Caravan, a celebrity-brand incubator aligned with talent agency CAA, has raised $50 million with e-commerce investor Clearco to support startup business with celebrity backers, with the first check going to fit52, a fitness and wellness app created by country music star Carrie Underwood in 2020.
Clearco, formerly Clearbanc, has provided more than $2 billion in capital to more than 5,000 e-commerce companies and mobile apps since 2015, including Public Goods, Untuckit and Andie Swim. The alliance with Caravan gives the firm direct access to celebrity brands, which have seen heightened interest among celebrities and investors in recent years, which Caravan cofounder and CEO Leonard Brody said was intensified during the pandemic.
Caravan, which has ownership stakes in a number of celebrity-backed companies, will change its approach with the new funding and follow Clearco’s strategy of taking a cut of revenue rather than equity, allowing startups to accelerate their growth without dilution. The investments, they say, will be aimed at improving day-to-day operations, marketing and inventory management.
Or not. Earlier this year Conor McGregor collected about $150 million before taxes when he sold his majority stake in whiskey brand Proper No. Twelve to Proximo Spirits, a deal that landed the UFC fighter at the top of the 2021. In March, Jay-Z padded his billionaire fortune by selling two investments—half of his Armand de Brignac champagne and a majority stake in music streaming company Tidal—collecting more than $600 million.
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