NY Knicks’ Carmelo Anthony Launches Venture Capital Firm

July 22, 2014  |  

New York Knicks star player Carmelo Anthony has teamed with Stuart Goldfarb, an NBC and Bertelsmann executive, to launch a venture capital firm, M7 Tech Partners. And its first big investment will be in a children’s media company called Hullabalu, which offers story apps that children touch to activate.

Anthony has 5.1 million Twitter followers, a big name in the NBA and the Melo brand that he’d like to use to maximize this new business. “The New York-based firm will invest in early stage digital media, consumer internet and opportunistic technology startups,” reports TechCrunch. Wearable technology and connected devices will be a major focus, according to a statement from Anthony to TC.

The Knicks announced on Sunday that they had reached a deal with Anthony to return to the team for undisclosed terms, though ESPN says it’s a contract worth more than $122 million. The 30-year-old had been considering a number of other teams including the LA Lakers and Chicago Bulls. He’s the second best scorer in the NBA, a seven-time All Star and an Olympic medalist.

But like a number of other players, including Steve Nash (LA Lakers) and teammate Amar’e Stoudamire, he’s further building a company on the side that has nothing to do with the sport of basketball. In fact, these players and a couple of others have started venture capital firms.

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