Exclusive: NFL QB Josh Allen joins VC firm Cashmere

Driving the news: Cashmere is a Nasdaq-listed interval fund, led by former Endeavor exec Elia Infascelli, in which non-accredited investors can get exposure to venture-backed startups.

• It has two redemption periods per year, each for up to 5% of the fund's AUM, plus a year-end distribution (if applicable), and soon is expected to unveil a brokerage partnership. The portfolio has more than 30 companies, weighted toward consumer and consumer tech.

Zoom in: Allen won't have a role in making deal decisions, but rather will invest in the fund and use his profile to support portfolio companies. It's like venture's version of being an influencer, and similar to what Cashmere also is doing with former J. Crew president Jenna Lyons.

What he's saying: "Unlike prior eras, athletes now have so many more opportunities available to them outside of sports than ever before," Allen explains. "VC is one of the most competitive businesses around, and like in sports, the rewards when you do succeed are great. That appealed to me."