Steve Smith Made Whopping $12.1m After Investing $100k In Mattress Startup In 2005: Report

Cricket News

Steve Smith has reportedly turned a $100,000 investment with mattress retailer Koala Mattress into a $12.1 million (₹85 crores) bonanza. Read to know more.

Written By Jatin Malu | Mumbai | Updated On:
Steve Smith

Former Australian captain Steve Smith seems to be on a roll. The right-hander had an unforgettable 2019 on the field as he amassed runs galore for Australia. But it seems like Smith is performing financially off the field as well. Steve Smith’s business and investment fortunes have turned in a windfall.

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According to The Australian Financial Review, Steve Smith has reportedly turned a $100,000 investment in mattress retailer Koala Mattress into a $AUD 12.1 million (₹60 crores) windfall, a startup which he had invested back in 2005. Steve Smith reportedly dropped the investment by 10 percent of the company in July 2015 just before he became the Australian Test captain. The company has gone on to build a customer base of 200,000 and is reportedly valued at $AUD 150 million (₹720 crores) since then.

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Despite Steve Smith's diluted share, he seems to be making a lot of money as he is the brand ambassador of the company. In fact, Steve Smith has earned more from his investment in the company than from cricket altogether. But cricket is still lucrative for Smith, who is believed to be among the top five earners on the Cricket Australia contract list

Steve Smith told a leading Australian publication in 2016 that he had a long-held interest in start-ups and could see himself as a businessman or an investor after his cricket career ends. He also paid $100,000 for a 4 per cent stake in Snappr in 2016. Snappr is an online photography platform, although its current valuation is uncertain as the business has relocated to the USA since then.

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Steve Smith misses out on Allan Border medal

The Allan Border Medal is considered the most prestigious individual prize in the country's cricketing landscape. The recipient of the award last year was speedster Pat Cummins, who was a distant third in the 2019's prize winners list. Steve Smith came mighty close to winning it but in the end, lost by just 1 vote as he came second to David Warner.

ALSO READ | Steve Smith calls RCB star 'tiny head' after Sydney Sixers' BBL win

IMAGE COURTESY: STEVE SMITH INSTAGRAM

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