The tennis legend is one of several high-profile women to invest in the venture, including Oscar-winning actress Natalie Portman.
Tennis legend Serena Williams is set to help fund a new LA-based women’s football team ahead of the 2022 National Women’s Soccer League season.
Williams, along with her husband and co-founder of Reddit Alexis Ohanian and two-year-old daughter Olympia, is one of several high-profile women to invest in the venture.
Fourteen former US women’s national team players are also involved – including Mia Hamm and two-time Olympic gold medallist and FIFA World Cup champion Abby Wambach.
While the team’s official name and venue are yet to be decided, the group has called itself ‘Angel City’ in honour of its planned home in Los Angeles.
There is currently no California-based team in the NWSL with the group keen to build a club from scratch, do things differently as well as drive further dialogue around the issues impacting the local community, while promoting women’s sport.
The female-majority investors also include representatives from other sectors, including media and technology and include Oscar-winning actress Natalie Portman as well as Jennifer Garner, Jessica Chastain and Eva Longoria.
On the announcement, Portman said: “Today we take an exciting step by announcing the first women majority-owned and led ownership group.
“I am thrilled by the opportunity to partner with this incredible group of people to bring a professional women’s soccer team to Los Angeles.
“Together, we aim to build not only a winning team on the field, but also to develop a passionately loyal fanbase. We also hope to make a substantive impact on our community, committing to extending access to sports for young people in Los Angeles through our relationship with the LA84 Foundation.
“Sports are such a joyful way to bring people together, and this has the power to make tangible change for female athletes both in our community and in the professional sphere.”