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SBD/July 21, 2014/FinancePrint All
Knicks F Carmelo Anthony is "starting a venture capital firm," as he and longtime Bertelsmann Direct North America CEO Stuart Goldfarb "are launching their new investment firm, M7 Tech Partners, with an inaugural investment in the children’s media company Hullabalu," according to Jonathan Shieber of TECH CRUNCH. Anthony "is hoping to leverage a social media presence of over 5 million followers and his Melo brand into success in tech investment." The N.Y.-based firm "will invest in early stage digital media, consumer internet and opportunistic technology startups." By getting into the venture-capital industry, Anthony "follows in the footsteps of several professional athletes," including Knicks F Amar’e Stoudemire, Lakers G Steve Nash and former NBAer Baron Davis (TECHCRUNCH.com, 7/20). Goldfarb said that venture capital firm Andreessen Horowitz co-Founder & General Partner Ben Horowitz, among other institutional investors, helped him and Anthony "become familiar with the early-stage startup scene over the past 12 months." The WALL STREET JOURNAL's Lora Kolodny notes M7 "will not have outside investors or limited partners." It "will seek to invest in startups with great ideas in digital media and consumer tech including hardware, namely wearable and smart-home devices." Goldfarb said that the fund "will invest in seed-stage deals, typically on a convertible note basis, and will occasionally be 'more operationally involved' with helping entrepreneurs develop their brands, products and business models." The duo "will not plan to take a lead position in any of their portfolio companies" (WSJ.com, 7/21).