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Steve Smith turns $100,000 investment in a mattress company into a whopping $12MILLION - more than double the financial hit he took from the ball-tampering scandal

Daily Mail logo Daily Mail 5 days ago Eliza Mcphee

Steve Smith et al. posing for the camera: Steve Smith, (pictured with wife Dani Wilis) made a $100,000 investment in online mattress retailer Koala in 2015, which is now worth a staggering $12.1million

Steve Smith, (pictured with wife Dani Wilis) made a $100,000 investment in online mattress retailer Koala in 2015, which is now worth a staggering $12.1million
© Provided by Associated Newspapers Limited

Australian cricket star, Steve Smith, has turned an investment in a little-known mattress company into a huge financial windfall that more than makes up for the fortune he lost due to the ball-tampering scandal.

Steve Smith, 30, invested $100,000 in online mattress retailer Koala in 2015 - and his stake is now worth a staggering $12.1million.

Through Smith's 10 per cent share in the start-up, he became the ambassador for the once unheard-of brand, which now has more than 200,000 customers.

'I remember telling his manager and his parents that could happen when he invested,' Koala co-founder Mitch Taylor told The Sydney Morning Herald.

The cricketer's investment is expected to make up for lost earnings and endorsement deals in the wake of the ball-tampering scandal in March 2018 - a setback widely reported to have cost him $5million.

The star batsman copped a one-year ban from international and domestic cricket after he was found to be involved in the scandal that saw Cameron Bancroft use sandpaper to rough up a side of the ball during a Test against South Africa.

Smith, who recently scored two consecutive centuries in the Ashes series, has also signed a $2million contract with the Rajasthan Royals in the Indian Premier League.

Smith, who was stripped of his captaincy after the ball-tampering came to light, has since been revealed to be worth $31million, according to the Australian Financial Review's Young Rich List.

Koala, famous for delivering mattresses in a box, has now become a household name raking in $73million in revenue over the last year.

The company, founded by Mitch Taylor and Danny Milham was launched in November 2015, earning a huge $1million in just 80 days.

Mr Milham said the value of Smith's investment would go towards broadening their brand in Japan.

'That EBIT will be invested straight into developing new products and Japan,' he said, after Koala was taking a 100 per cent year on year growth in the country. 

Pictures: Aussie cricket cheating scandal: How it unfolded

 

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