How one shrewd investment made Steve Smith one of Australia’s richest ever sportsmen

Let’s just say he’ll be sleeping soundly whether Australia win the Ashes or not.

Image credit: Getty Images

Let’s just say Steve Smith be sleeping soundly whether Australia win the Ashes or not.

Steve Smith has run the gambit more than just about any Aussie athlete before him. Lauded as one of our greatest batsmen and appointed as captain of the Australian Test team, Smith hit heights few have reached. Then, that all came tumbling down when he was swept up in the national shame that was sandpapergate. Five years later though, Smith has found redemption both in the public eye and at the crease.  

There’s no doubt the last few years have been difficult for Smith, filled with deep, deep peaks, but also some very high valleys. One of those heights has come, surprisingly, off the pitch, as with one shrewd investment the cricketer has struck upon an almost endless supply of pineapples to wipe away his tears with.

In fact, the stoic Aussie batsman can seemingly conjure up cash like he does hard-fought centuries.

According to the Australian Financial Review, Smith took out a 10% stake in Aussie mattress and furniture start-up Koala when it was a seedling of a company back in 2015. As one of Australia’s best viral marketing success stories, Koala has ballooned in size since then, acquiring well over 200,000 satisfied, well-slept customers (including half of the GQ team).

It’s been a little while since Koala had a funding round, but according to the AFR, the company completed an investment round that valued the company at around $400 million,  meaning that the initial $100,000 he spent is worth roughly $40 million. And, with rumours swirling of a potential IPO this year, that figure could grow even larger. 

A bit of free advertising helps. Image credit: Getty Images

“I remember telling his manager and his parents that could happen when he invested,” Koala co-founder Mitch Taylor told the Review back in 2019.

The windfall of epic proportions has actually been enough to get Smith on the AFR’s Young Rich List for the past few years. Steve Smith's reported $46 million total net worth marks a massive bump from his debut in 2018, although the total did decline from 2021 thanks to a missed IPL season and economic headwinds. Still, the figure puts him in league with other athletes in the form of Daniel Ricciardo and Cameron Smith. He also owns a number of investment properties in Sydney and has investments in photographer marketplace Snappr and is directly involved in an alternative milk start-up called Oat Milk Goodness.

This points to Steve Smith earning a fair chunk of change from cricket itself, and he does. He’s reportedly among Australian cricket’s highest-paid players, which would point to a salary of roughly $2 million from representing Australia alone. Per Fox Sports, he also has an endorsement deal with New Balance worth at least six figures.

Smarts. Image credit: Getty Images

Steve Smith will next take to the field as Australia battle England in the second test of the Ashes next week.

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Originally published as How one shrewd investment made Steve Smith one of Australia’s richest ever sportsmen