Swiss shoemaker On is preparing for an IPO this fall that will reportedly value the company at $5 billion, according to Bloomberg. Roger Federer became an investor in On in late 2019. Reports at the time suggested that Federer had invested $50 million but it’s not clear how much of the company Federer owns.

On, based in Zurich, makes shoes for runners using its patented Cloutrec technology which ensures soft landing while still proving a secure fit for running. 

On introduced the all-white “The Roger” shoes in 2020. Earlier this year, Federer wore  On’s first tennis shoes, The Roger Pro, at the Qatar Open. The shoes were custom-made for Federer and are not available for sale to the public. But it is expected that On’s tennis shoes will be available for sale at a later date.

Federer has consistently been the highest-paid tennis player. Instead of endorsing On like he does other products and companies, he invested in the company because he liked the company’s shoes and bonded with the company’s founders.