Kevin Durant’s Postmates Investment Is on the Verge of Making Him Even Richer
Kevin Durant is a virtuoso on the basketball court. He shoots three-pointers and elevates for dunks in a way that most normal people can’t even fathom being able to do. But just because Durant is a genius in one area doesn’t mean he can’t be forward-thinking and visionary in another. He’s also making waves in the worlds of tech and finance.
Durant is also an avid investor, looking to put his money behind cutting edge startups. One of those investments, Postmates, looks like it may pay off in a big way. Let’s take a closer look at how Kevin Durant decides to spend some of his money, and how one of those decisions may have increased his net worth even more.
Kevin Durant the investor
After signing with the Golden State Warriors in 2016, Durant made his first foray into the startup investing world. He’d partner with the investing app Acorns, an app that helps millennials get started with managing their money. According to The Undefeated, Durant saw it as a way to help the younger generation get better at tackling financial issues:
“Supporting up-and-coming generations by tackling tough issues and empowering them with the tools for success has always been a priority in my life…Teaming up with Acorns is another way I can make a positive impact, and I’m excited to explore other ways to bring our shared mission to life.”
It showed that Durant had an eye toward the future — not just for others, but for himself as well. And it wasn’t the only startup he’d throw his money behind.
The other big startup Kevin Durant has invested in
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Durant’s proximity to Silicon Valley since he came to the Warriors has put him in prime position to enter the world of startup investing. He’s taken full advantage of that opportunity. In 2016, Durant invested in Postmates, the food delivery app. The story behind Durant’s reasoning for investing in Postmates is hilariously simple, according to NBC Sports. It started when one day, he ordered food with his business partner, Rich Kleiman:
“I’m hungry one day, and Rich was like, ‘Yeah, [this company will] bring you food from any restaurant.’ I’m like, ‘They’ve got an app like that? Can you call somebody up there? We need to get involved, because we use this s**t on a day-to-day basis.’ “
Just like that, Durant would become invested in one of the food delivery app game’s biggest players. Durant’s hunger that day may have done more for him than just fill his stomach — it’s also made him even richer than he already is.
Kevin Durant’s possible huge payday
According to Forbes, Durant and Kleiman’s company (Thirty Five Ventures) has $15 million tied into at least 40 startups. According to Durant, he’s made gains of over 400% as of last year. One of his most profitable investments has been Postmates, especially after recent developments. The New York Times reported that Uber has acquired Postmates for over $2.6 billion. It’s a move that’s certain to have reverberating impacts on the food delivery model, as it brings together two of the giants in the space.
It’s also going to do a lot for Durant’s bottom line. Durant got in at a super-low price point ($1 million). Based on the number Uber valuated Postmates at, his stake will have gone up to about $15 million. That’s a solid return on Durant’s initial investment.
So how will Durant spend his coming financial windfall? It’s tough to say, but if one were to predict he’d put it back into investing in other groundbreaking companies, it would probably be a solid guess.