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Ashes 2019: Smith's 2005 Investment in Mattress Company Worth Millions Now

Cricketnext Staff |August 14, 2019, 12:55 PM IST
Ashes 2019: Smith's 2005 Investment in Mattress Company Worth Millions Now

Former Australian captain Steve Smith’s fortunes are on an upswing. On the field, Smith has been in sublime form — his twin centuries powering Australia to a win in the first Ashes Test over England at Edgbaston.

Even off the field, Smith’s business and investment fortunes have turned in a windfall. Smith has reportedly turned a $100,000 investment in mattress retailer Koala Mattress into a $12.1 million windfall, according to The Australian Financial Review.

Smith reportedly dropped the investment for 10 percent of the company in July 2015 just before he became the Australian Test captain.

Since then, the company build a customer base of 200,000 and is reportedly valued at $150 million.

“I remember telling his manager and his parents that could happen when he invested,” Koala co-founder Mitch Taylor said.

Smith’s ownership has diluted as more investors came on board but he is a brand ambassador with the company and is raking in plenty of moolah.

His investment with Koala is the biggest share of his personal fortune, beating out cricket. He also reportedly invested in an online photo platform Snappr that bills itself as “the Uber of photography” although its current valuation is unknown.

But cricket is still lucrative for Smith, who is believed to be among the top five earners on the Cricket Australia contract list, behind Pat Cummins on $2 million, according to The Daily Telegraph.

He also signed a $2 million contract in the Indian Premier League with the Rajasthan Royals. The AFR’s Young Rich List is set to value Smith at about $31 million when the list is released in October.

However, just last year Smith had reportedly lost up to $7 million during the ball-tampering scandal including lost investments, his IPL contract being torn up and lost contract earnings from Cricket Australia.

Smith has been heavily booed throughout the World Cup and Ashes series but the Aussie superstar has not let it distract him.

With a career average of 62.96, Smith is now second only to Don Bradman with more than 20 innings in Test cricket.

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