Actor, director and producer Olivia Wilde has quietly co-founded an investment firm known as Proximity Ventures, according to people with knowledge of the matter.
Wilde — who has starred in movies including “Tron: Legacy” and directed “Booksmart” and “Don’t Worry Darling” — formed New York-based Proximity late last year with Neil Sirni, said the people, who asked not to be identified discussing confidential information. Sirni, while at Roc Nation’s venture division Arrive, led investments in Sweetgreen Inc., Robinhood Markets Inc., Epic Games and SpaceX.
The new firm, which is focused on consumer and enterprise investments, has backed four companies since its formation, including Pendulum Therapeutics, led by chief executive officer Colleen Cutcliffe. Wilde and Sirni are partners at Proximity, as are singer-songwriter Santi White, who performs as Santigold, and venture capitalist Jason Mack.
Proximity aims to raise both an early-stage fund, through which it plans to write eight equity checks of $500,000 to $2 million each per year, and a $100 million growth-stage fund, with aims to write $10 million to $25 million checks about four times a year, one of the people said.
The firm, which counts family offices and founders including Opendoor Technologies Inc.’s Eric Wu among investors, expects to hold a first close on the early-stage fund as soon as next month, and will formally begin fundraising for the growth-stage fund early next year, the person said. Around 75 percent of the firm’s investments will be in the US, with foreign investments focused on Southeast Asia.
The firm also has ambitions to tackle so-called special-situations investments, which may include participating in take-private transactions, to which it may commit $100 million or more, the person said. Proximity plans to raise capital for such transactions through so-called single-asset special-purpose vehicles, though it may raise a dedicated fund in coming years.
Proximity has teamed up with JPMorgan Chase & Co.’s Morgan Private Ventures arm to raise capital for at least one deal, people with knowledge of the matter said.
Representatives for Proximity and JPMorgan declined to comment. Wu said that he’s a Proximity investor, and Cutcliffe of Pendulum said the microbiome startup was introduced to Proximity through Sequoia Capital, an investor in Pendulum.
“Olivia Wilde is a user of Pendulum products and her influence will help grow the business, though in what way is to be determined,” Cutcliffe said in an interview.
Hollywood stars and professional athletes, both active and retired, have increasingly sought to leverage their profiles and networks to invest in startups. Ashton Kutcher’s Sound Ventures last year raised $243 million for an artificial intelligence-focused fund, while Gwyneth Paltrow co-founded Kinship Ventures, which in 2022 said it invested in MoonPay. Serena Williams’ Serena Ventures, Aaron Rodgers’ RX3 Growth Partners and Kevin Durant’s 35V have made a slew of investments as well.
By Gillian Tan
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