Serena Williams is shedding light on the current state of raising capital.

The tennis legend is a partner in Serena Ventures, a venture capital firm that backs bold founders. Forbes reports that its formation derived from Williams’ recognition that underrepresented groups were an afterthought in venture capital (VC). On X, Williams clarified that Beth Ferreira currently manages and runs the fund.

“I remain a partner at Serena Ventures, not in an operational role. To say that Serena Williams, a person, and Serena Ventures, an institution, are one in the same is inaccurate,” Williams wrote.

Serena Ventures has raised $111 million, and over 85 companies are among its portfolio investments, according to Business Insider. Sixteen have reached unicorn status, meaning they are valued at $1 billion. Portfolio companies include Esusu, Parfait, HUED, Teal Health, and, most recently, Unrivaled — a three-on-three women’s basketball league founded by Breanna Stewart and Napheesa Collier. Serena Ventures participated in Unrivaled’s oversubscribed Series B round, which brought its valuation to $340 million, as AFROTECH™ previously reported.

While Serena Ventures has experienced great success in VC, Williams and Ferreira admit that the terrain is evolving. Williams said, “Founders are getting more choosy,” according to Business Insider.

Ferreira commented:

“Founders are really evaluating who they want to partner with. If they don’t believe that our network and the ideas we have about their company can change outcomes, we’re not going to get into the deal. I think most of the time those founders are realizing that this is different and could very much complement the rest of their investment base.”

Investors are also moving more cautiously. Regarding Serena Ventures, they admit to cutting fewer checks than they did years ago. They are examining startups more heavily to assess their impact, which Williams finds to be the silver lining.

“Not all money is good money,” Williams told Business Insider.

To keep up with the current landscape, Serena Ventures has integrated AI into its processes to “discover, evaluate, and support exceptional founders,” according to information on its LinkedIn. Some of the tools mentioned include Perplexity, ChatGPT, Happenstance, Juicebox, and StackAI.

“Our goal isn’t to replace human judgment, it’s to multiply our reach, sharpen our insights, and deepen our relationships with the founders we serve. The future of venture will be augmented: human vision, accelerated by AI,” the LinkedIn post read.