Carrie Underwood for Fit52. Courtesy.
Creative Artists Agency (CAA), one of the biggest talent agencies in the US, teamed up with e-commerce investment firm Clearco, formerly known as Clearbanc, to finance an entity called Caravan that will connect brands to potential celebrity partners.
“The fund will enable strategic partnerships between celebrities/talent and founders looking to build transformational companies, accelerate the awareness and growth of these brands and businesses, and provide access to capital,” Clearco said in a statement Wednesday, June 23.
Caravan has already invested in a company called Fit52, an exercise and wellness app launched in partnership with Carrie Underwood last year.
In recent years, investors and entrepreneurs alike have found that star power is an extremely effective tool for growing a brand. Multiple companies in the past year have recruited not only the endorsement of celebrities but also their labour and employment: Jennifer Aniston became the chief creative officer of supplement brand Vital Proteins late last year. In February, Tracee Ellis Ross joined Ulta Beauty as diversity and inclusion adviser. Meanwhile, new tech platforms like Pietra are vying to connect influencers with manufacturers and monetise that joint venture.