Carmelo Anthony will try his hand at picking winners among technology startups through a new venture fund called M7 Tech Partners, an LLC he co-founded with digital media and entertainment veteran Stuart Goldfarb.
According to its Crunchbase profile, M7 Tech Partners will invest in “early stage digital media, consumer internet and technology ventures.”
The fund’s name is a play on Carmelo’s nickname – “Melo” – and his jersey number seven. M7 made its first move by investing in children’s storytelling startup Hullabalu with more tech and media investments on the way.
It is not known how much capital was invested to launch M7, but the two co-founders – who put up equal amounts of capital – say they will not be opening the fund up to additional investors or partners.
Anthony recently signed a five-year, $124 million contract to stay with the New York Knicks, a sum which works out to be $24.8 million per year pre-tax and more than enough to dabble in the tech VC space.
in and develop opportunities primarily in early stage digital media, consumer internet and technology ventures. – See more at: http://www.crunchbase.com/organization/m7-tech-partners-llc#sthash.fvehjUeA.dpuf
In addition to his role as founding partner, Goldfarb serves on the board of directors at World Wrestling Entertainment, Inc. and Vitacost.com, and among other positions was previously CEO and chairman of the Bertelsmann Group North America – the world’s largest direct marketer of music, movies and books – and EVP of Worldwide Business Development at NBC.
They say in venture capital that for every 10 companies you invest in, one will be super successful and can more than make up for the losses in your other companies.
Odds too suggest that approximately 95 percent of startups will fail to meet their projected returns on investment. In other words, VC investors must take a lot of chances before discovering that smash Broadway hit.
Which works in M7’s favor because – as first year New York Knicks head coach Derek Fisher will soon find out – taking a ton of shots is definitely not a problem for Melo.