Stephen Curry’s Penny Jar Capital Seeks to Raise a Second Fund through New Filing

Early-Stage Firm Expands Its Reach with Help from Basketball Star Stephen Curry

In a move that signals the continued growth and expansion of Penny Jar Capital, the early-stage firm founded by Bryant Barr and Richard Scudellari has filed to raise a new fund called Fund II. According to an SEC form filed in October, the firm is seeking to raise funds for this new entity without specifying a target amount.

A Separate Entity: Fund II Collective

Interestingly, Penny Jar also filed in October to raise what appears to be a separate entity called Fund II Collective, which also does not have a target amount. This development has sparked curiosity among investors and industry observers, who are eager to understand the motivations behind this dual-filing strategy.

Penny Jar’s Previous Fundraising Efforts

The firm previously filed to raise a Fund I in June of 2021, according to an SEC filing. While that filing has not been updated yet, PitchBook reports that the fund closed for an undisclosed amount that September. Since its inception in 2021, Penny Jar Capital has made around 18 investments in companies such as Upwind (an internet security company), Ducky (a work-automated platform), and Praxis Labs (an online employee learning platform).

The Role of Stephen Curry

Basketball star Stephen Curry serves as a special adviser to Penny Jar Capital. In this capacity, he helps the firm source investment opportunities and works behind-the-scenes to drive impact for the portfolio companies, according to the firm’s website. Curry’s involvement with Penny Jar is part of a broader trend in which athletes are increasingly getting involved in tech and venture capital.

Other Celebrity VCs

This trend is not unique to Stephen Curry or Penny Jar Capital. Other notable examples include:

• Kevin Durant: The basketball star has launched 35V, a venture firm that focuses on early-stage investments.
• Serena Williams: The tennis legend has founded Serena Ventures, which invests in startups with diverse teams and products that promote equality.
• Giannis Antetokounmpo: The Milwaukee Bucks player recently announced plans to launch his own venture firm.

Penny Jar’s Founders

Bryant Barr was previously Curry’s business manager and president of SC360, the entity launched to manage Curry’s brand ecosystem. Richard Scudellari, on the other hand, was an investment partner at SC360. Their backgrounds in finance and entrepreneurship have undoubtedly contributed to Penny Jar Capital’s growth and success.

Conclusion

Penny Jar Capital’s decision to file for Fund II with no target amount is a significant development that underscores the firm’s commitment to growth and expansion. With Stephen Curry’s involvement and the support of its founders, it will be interesting to see how this new fund shapes up and what opportunities it brings for investors and startups alike.

Sources

• SEC Form filed in October
• PitchBook
• Penny Jar Capital’s website