Over 2 years after his untimely helicopter crash death, the Kobe Bryant estate is reaping the fruits of his investment into BodyArmor.
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Kobe Bryant is one of the greatest, as well as most popular players to take an NBA court. Through the course of his 20-year career, the Black Mamba set impossible standards for work ethic and dedication to basketball.
His legendary work ethic was bound to take him to greater heights once he moved on from playing the sport. And indeed, Kobe was well-prepared for life after basketball even during his years playing in the league.
Before retiring from the sport, Kobe endeavored to make his mark on the venture capital world. He did this by partnering with Jeff Stibel to open a fund called Bryant Stibel in 2013.
The fund has a portfolio of investments ranging across sectors and industries. Alibaba Group, Dell, Epic Games, and UFC are just a few of the companies in which the fund has invested money.
How Kobe Bryant came to invest in BodyArmor
The BodyArmor sports drink brand was launched in 2011. It generated $10 million in sales in the financial year of 2013. Kobe discovered the drink while he was rehabbing from his Achilles tear, which he suffered in the 2012-13 NBA season.
He believed that the product could be disruptive in a sports drink market paced by Gatorade and Powerade, who he believed had become bland in their approach.
Thus, the Black Mamba invested $6 million into the company for a stake of over 10% in March 2014. This move netted him one of the 6 board seats in the company. The brand also drew the attention of James Harden and Kevin Love, who invested in it apart from appearing in its endorsements.
Also Read – A $6 million Kobe Bryant investment in sports drink BodyArmor back in 2014 is now worth around $800 million
In the years that followed, BodyArmor surged into prominence in its segment. F&B giants Coca Cola took notice, and in 2018, they invested $300 million at a $2 billion valuation. This brought Kobe’s stake to a valuation of $200 million.
Coca Cola also acquired a 70% stake in the company in 2021, bringing its valuation to $8 billion. BodyArmor generated nearly $2.4 billion in revenue for the year 2022.
BodyArmor donated $24 million to the Mambacita Sports Foundation
Following its success in becoming a major player in the sports drink industry, BodyArmor founder Mike Repole decided to give back to the Bryant estate for trusting his brand and investing in it.
Repole announced that BodyArmor would invest the aforementioned $24 million sum to Bryant’s Mambacita Sports Foundation in 2022.
“This $24 million is just the beginning. I want this thing funded for the next 100 years. We are going to make it a billion-dollar foundation. This is my way of making sure that Kobe’s legacy and what he stood for will continue for a long, long time.”
“I don’t want people to ever forget that BodyArmor wouldn’t be where we are if it wasn’t for Kobe Bryant. I’m not sure we make it without Kobe. The credibility he gave us was incredible. I consider him a co-founder.”
Given the legacy that Kobe has left behind, it would be well-served by his benefactors even years after his passing.
