Actress Kerry Washington is sharing the wealth – literally.
The former star of “Scandal” has been investing in a range of startups as an angel investor – or, an individual who is using their own money to fund the growth of a young company. (Venture capitalists, by contrast, manage and invest a pool of money from multiple sources, generally in a later-stage startup.)
Most recently, she contributed to Cheersy, a service that assists wedding-planning couples with finding day-of coordinators. In doing so, she became part of a $550,000 fundraising round that also included contributions from Elizabeth Cutler, co-founder of exercise company SoulCycle, and was advised by the likes of Christina Tosi, founder of bakery chain Milk Bar.
“The fundraising journey can be so lonely and a real knock on your mental health,” Cheersy founder Amy Shack Egan told TechCrunch. But a fortuitous meeting at a dinner she and Washington both attended led to a cash infusion for the company, which was launched last year.
Washington’s investment portfolio also includes Black-owned social website Spill; eating disorder treatment startup Equip; and charity fundraising platform Omaze. She had also invested in women’s social club The Wing, before it shut down three years ago.
She’s one of several high-profile women trying to turn her money into something more. Big names such as philanthropist Melinda French Gates, singer and business owner Rihanna, actress Halle Berry, journalist Katie Couric and sports star Serena Williams have also been getting increasingly active as investors.
And in many cases, they put their money into marginalized founders and their visions, in a push to foster equity in the business world. When Washington invested in social media app Spill last fall, she told Black Enterprise as such in a statement. “In a digital world where marginalized groups, especially Black, Brown, and LGBTQIA folks, rarely feel prioritized, Spill stands out,” she noted. “I’m proud to be part of [Spill’s] community as both a user and an investor.”
Williams, an especially active startup investor with her own VC firm, Serena Ventures, also sees investing as a pathway to equality for founders who aren’t white men. “When people are talking about diversity, that really means everyone having a seat at the table — everyone kind of having an opportunity to win,” Williams said. “And that’s what I like to do.”
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