Last week, the tennis legend and investor was named the first-ever entrepreneur-in-residence at Reckitt, the British consumer health giant behind brands like Lysol, Durex, and Enfamil. In this new role, Williams will help mentor and scale startups focused on hygiene, maternal care, and health equity—sectors that remain chronically underfunded despite rising demand. Women-led startups receive less than 3% of global venture funding despite research showing they consistently outperform male-led companies.

“Bold, innovative ideas can solve some of the world’s most pressing healthcare challenges if given the right support to thrive,” Williams told me at Cannes Lions. “This includes mentorship, funding, and strong belief.”

Her appointment coincides with the launch of Reckitt Catalyst, a £10 million initiative aimed at supporting up to 200 underrepresented founders by 2030. The goal is to improve access to health and hygiene for five million people through scalable, locally led solutions across Africa, Asia, and Latin America.

For Williams, the partnership is both tactical and deeply aligned. “We realized we had the same thesis, [which is] that when you invest in women, when you invest in overlooked markets, the returns are there,” she said. “It’s not charity. It’s smart business.”

Since stepping away from tennis, Williams has built one of the most successful venture investment track records among athlete-turned-investors. She launched Serena Ventures in 2014 with a focus on diverse founders, raising a $111 million inaugural fund. At the time, she entered a venture ecosystem where only 5% of VCs were Black, and an even smaller share were Black women. Before formally launching the fund, Williams said she had already backed about six unicorns. Today, she says her portfolio includes more than 14 billion-dollar companies and several decacorns.

“I wanted to prove to myself that I could find the companies and that I had the connections to invest,” she said. “Now we’re scaling.”

Serena Ventures has primarily invested in early-stage healthcare, fintech, and consumer technology companies. Through her new partnership with Reckitt, Williams is now doubling down on sectors that tend to be overlooked by Silicon Valley. “Hygiene is routinely overlooked in venture,” she said. “It’s not flashy. But it’s foundational, especially for women, mothers, and children. These are essential markets that drive real impact and real returns.”

Her role will combine mentorship with access to a network. Williams will advise Catalyst entrepreneurs while helping them expand their reach and credibility through strategic introductions. “At the end of the day, venture is about relationships,” she said. “A 30-minute conversation can unlock new partnerships or investment opportunities. I want to offer that access to founders who aren’t part of the usual power circles.”

She has already started connecting Catalyst founders with companies in her existing portfolio. “When you give women an opportunity, we often work twice as hard because we’ve been underestimated from the start,” she said, adding, “This isn’t about taking anything away from male founders. It’s about expanding the pie.”

Ruth Umoh
ruth.umoh@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Sara Braun. Subscribe here.

ALSO IN THE HEADLINES

- Bumble blues. Bumble announced that it will be cutting about one-third of its staff, just a few months after founder Whitney Wolfe Herd returned to lead the company in March of this year. In an exchange filing, the company said that it would be eliminating 240 roles globally, and expects to save up to $40 million annually from the workforce reductions. Bloomberg

- Tennis time. The Tennis Channel formally extended its deal with the Women’s Tennis Association (WTA), and will broadcast over 2,000 matches on its cable TV network and streaming service each season. While the terms of the deal were not disclosed, Marina Storti, CEO of WTA Ventures, acknowledged that there is a “substantial increase in the rights fees.” The new agreement lasts through 2032. CNBC

- Women and weight loss. Women are being prescribed GLP-1 drugs, such as Ozempic and Mounjaro, at higher rates than men, according to recent data from FAIR Health. The data also revealed that women between 40 and 64 have made up the highest percentage of GLP-1 prescriptions since 2019. Approximately 19% of women prescribed GLP-1s received off-brand prescriptions for weight loss, while 9% of men did. Axios

- Miracle mile. Faith Kipyegon, the three-time Olympic champion from Kenya, is attempting to become the first woman to complete a mile in under four minutes today at a closed-course event in Paris. In order to claim the title, she’ll have to shave at least eight seconds off her current world record of 4:07.64. “I think it will cement my legacy and also give hope to other women that everything is possible,” Kipyegon said. Wall Street Journal

MOVERS AND SHAKERS

Paula Oyibo is stepping down as CFO of Ulta Beauty. 

Orau, a nonprofit organization focused on the intersection of academia, government, and industry, appointed Meghan F. Millwood as its president and CEO. She most recently served as the chief human resources officer at Orau. 

Wyze, a home technology company, announced the appointment of Melissa Kirmayer Eamer as president and chief operating officer. She most recently worked as the CEO of Modern Age, a longevity-focused health clinic, which she founded. 

Orion, a wealthtech solutions provider, appointed Valli Nachiappan as its new CTO. She most recently was the vice president of engineering at Zendesk.

Staar Surgical Company, a provider of ophthalmic surgery solutions, announced its appointment of Deborah Andrews as CFO. She has served as interim CFO since March 2025, and previously served as the company’s CFO from 2007-2013 and 2017-2020. 

Trilliad, a growth services provider for B2B enterprises, named Sarah Strassheim as its new CFO. She most recently was the global CFO at Merkle. 

Ualett, a fintech platform for gig economy workers, has appointed Andrea Martin as product manager. She most recently was a product owner at Businessolver. 

Authenticom, a data management company, announced Dawn Romvari as director of demand generation. She most recently served as chief content officer at Yotta. 

PayPal announced the appointment of Deirdre Stanley to the company’s board of directors. She most recently served as the executive vice president and general counsel of The Estée Lauder Companies.

PathGuide Technologies, a provider of warehouse management and shipping solutions, appointed Pelageya (Poulina) Kostenko to its board of directors. She currently services as VP of finance. 

ON MY RADAR

Usha Vance’s new life in Trump’s Washington New York Times

Top e-commerce veteran Julie Bornstein unveils Daydream—an AI-powered shopping agent that’s 25 years in the making Fortune

Teens and tweens are obsessed with this skincare brand for babies—now it brings in $100 million a year Forbes

PARTING WORDS

“Muscle isn’t something to be feared.”

— Professional bodybuilder and author Anne Marie Chaker on the health benefits of weightlifting for women