South Carolina star quarterback LaNorris Sellers continues to capitalize on his breakout season in 2024, securing a new partnership with venture capital fund Cashmere.
Why it matters: This marks what is claimed to be the first-ever NIL deal between a college athlete and an investment fund, showcasing the evolving landscape of college athletics and investment.
The details:
- Sellers, a redshirt freshman, led the Gamecocks to a 9-4 season, their best performance since 2017.
- He earned Freshman All-America and SEC Freshman of the Year honors, completing 65.6% of his passes for 2,534 yards and 18 touchdowns.
- Sellers joins SMU quarterback Kevin Jennings and Kansas State quarterback Avery Johnson as part of Cashmere’s athlete roster.
- During the 2024 season, Sellers also signed deals with multiple brands, including Dick Dyer & Associates and Cheez-It.
Sellers, who holds a $3.7 million NIL valuation, announced the partnership on Instagram, stating, “Excited to announce my partnership with the Cashmere Fund. As a young athlete, learning how to invest and build long-term wealth is a priority. Joining Cashmere is about being intentional about who I align with, what I support, and how I grow beyond the field. Let’s build.”
The bigger picture:
- The venture capital playbook is getting an NIL-era rewrite, with college athletes getting in on the game.
- Cashmere Fund, a Nasdaq-listed venture capital fund, allows non-accredited investors to invest in VC-backed start-ups.
- The fund also counts reigning NFL MVP Josh Allen and his teammate, Bills safety Damar Hamlin, among its investors.
- Cashmere Fund CEO Elia Infascelli notes that this arrangement wouldn’t have been allowed five years ago, before the landmark U.S. Supreme Court decision in NCAA v. Alston that allowed players to capitalize on NIL.
What’s next: Sellers and the Gamecocks will kick off the 2025 season at Atlanta’s Mercedes-Benz Stadium against Virginia Tech on August 31. Meanwhile, Cashmere Fund hopes to draw 100,000 individual investors in the future, with the potential for additional athlete and celebrity investors to join the fold.