Carmelo Anthony forms investment firm

New York Knicks star Carmelo Anthony, who grew up playing basketball in West Baltimore, has reportedly founded a venture capital firm with a former NBC executive.

Anthony and former Stuart Goldfarb have joined forces as M7 Tech Partners to make early investments in companies producing digital media and consumer tech products, according to numerous published reports. The first investment by the fund was in Hullabalu Inc., which creates app-based stories for children.

Anthony, whose "WB" tattoo on his left shoulder references his old stomping grounds, signed a five-year contract with the Knicks worth more than $122 million earlier this month, according to ESPN.

"We are actively looking for ventures with strong leaders creating breakthrough products that resonate with consumers," he said in a statement. "I particularly have my eye on companies that are involved with wearable technology and connected devices — these will be huge areas for the future."

Goldfarb, former executive vice president of NBC and chief executive of Bertelsmann Direct North America, told the Wall Street Journal the two men are longtime family friends.

Copyright © 2018, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad