RX3 Growth Partners, which includes the famous NFL quarterback Aaron Rodgers, has held for the past five years one of the nation’s most successful flag football fundraising tournaments, attracting dozens of professional football players.
Now the Irvine-based private equity firm is aiming to replicate its success with a basketball tournament.
RX3 is arranging its inaugural 3×3 basketball tournament scheduled for 10 a.m. Aug. 1 at the Open Gym Premier in Ladera Ranch.
It’s a partnership between the USA Basketball Foundation and RX3’s philanthropic arm, which has raised more than $13 million to date.
The event will feature several nationally known basketball players, led by Kevin Durant, a four-time Olympic champion, 2010 FIBA World Cup gold medalist and two-time NBA champion.
“This tournament provides a platform for Kevin, along with our other USA Basketball alumni and donors, to raise awareness for causes near to their hearts and to inspire others to use the game of basketball as a force for good,” Jennifer Lynne Williams, USA Basketball Foundation chief development officer, said in a statement.
Other nationally known basketball figures scheduled to participate include Chris Bosh, Chet Holmgren, Elena Delle Donne and Dawn Staley.
The event will feature 10 teams, each of which will be coached by an NBA player. RX3 is inviting donors and corporations to sponsor a team.
“If you want you or your kids to be coached by Kevin Durant or another player, you can buy a team,” Nate Raabe, co-founder and managing partner, told the Business Journal.
Raabe noted that the tournament will have synergy with the 2028 Summer Olympics, hosted by Los Angeles.
Besides Rodgers and Raabe, the third co-founder of RX3 is Byron Roth, owner of Roth MKM, the largest investment bank with headquarters in Orange County. They formed the venture capital fund in 2018 with the idea that, instead of athletes and celebrities doing product advertising, they would invest in the companies that make those products.
RX3 focuses on “culturally relevant” consumer brands in industries such as health, wellness, beauty and pets. The Irvine-based firm has raised more than $200 million to date.
The investment firm’s website says its typical investment is in the $5 million to $7 million range for a company with a revenue run rate of more than $10 million and a pathway to profitability.
Some winning exits have included Nom Nom, a fresh pet food brand acquired by Mars Petcare, and Irvine-based Orgain, an organic nutrition brand providing protein powders and shakes for adults and children. Orgain was reportedly valued at $2 billion in 2022 when Nestlé Health Science acquired a majority stake of the business.
Among RX3 brands participating in the tournament are Therabody and Full Swing.
Successful Exits
Durant has his own venture fund called 35V, which manages investments in more than 100 startups in fintech, AI and media. Some of its successful investments have included Coinbase, Postmates and Liftoff.
During the tournament, Durant plans to highlight his Durant Family Foundation, which helps young people build the life skills and social emotional awareness.
For the past five years, RX3 has sponsored flag football tournaments that have attracted famous quarterbacks like Sam Darnold, Josh Allen and Bryce Young. Last March, that tournament raised a record $4.2 million.
Tickets for the basketball tournament range from $200 each for kids from age 6 to 20 to $1,000 for courtside VIP admission. The six-hour event will include contests for dunking and three-point shots, as well as a kids zone and a half-time wheelchair basketball game.
