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Cha-Ching! Carmelo Anthony Is Launching A Venture Capital Firm

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It’s nice to see that there are some basketball stars out there who anticipate a successful life outside of Basketball, like our NBA favorite, Carmelo Anthony.

According to ESPN, Anthony has announced on Monday that he is starting a firm called M7 Tech Partners.  This venture capital firm consists of Anthony and his partner Stuart Goldfarb, the former CEO of Bertelsmann, the world’s largest direct marketer video, music and books.

“For as long as I can remember, I’ve been interested in technology,” Anthony said. “We are actively looking for ventures with strong leadership that resonate with consumers.”

The venture capital firm was created to invest in tech start-ups.  M7 Tech Partners, stands for Melo 7, to confirm that this was Anthony’s great idea.  From the reports, the two partners haven’t decided how much cash they will invest in the ventures in the upcoming future,  However, the firm’s first investment will be in Hullabalu, which is a children’s media company as well as M7’s new equity partner.

“Carmelo is in his prime right now,” Goldfarb said. “He has built an incredible global brand and is now interested in building his future while his brand is on the rise.”

While Melo isn’t the first NBA player to start a venture capital firm, he might by following the example of  Steve Nash, who started Consigliere Capital in 2010.  Nash’s firm was partnered with several multi-million dollar investments.

Since Anthony signed a five-year max contract with the Knicks last week for more than $120 million, there is talk that he passed up the possibility for a championship ring for money.  Do you think that the pass on the offers from the Bulls and Lakers was due to more money to invest in his firm?  If so, do you think that’s a good decision for the long hall?

Don’t hesitate to comment below and tell us what you think!

 

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