According to TechCrunch, Carmelo Anthony is venturing past basketball for his next investment. Okay, I’m done with the puns for now.
Together with Stuart Goldfarb, a former NBC executive, Melo is launching M7 Tech Partners – didn’t strain a muscle thinking of that name, did they? The firm will be based in New York, and will invest in “early stage digital media, consumer internet and opportunistic technology startups.”
The first of those investments goes to Hullabalu, an app that aims to redesign kids’ entertainment on the iPad. If you’re even slightly interested I suggest checking out the Hullabalu website – at the very least for the visuals.
Hullabalu founder Suzanne Xie found that a majority of kids’ content on tablets was just re-purposed media from books or television shows. Instead, Hullabalu will use original, engaging content that fully utilizes the iPad’s capabilities to deliver an enriching experience for children.
That’s the plan anyway.
Suffice to say, I’m a big fan of the first investment that Melo and his team have made. However, what I most want to see from Melo’s firm is slightly different.
Although M7 seems to be focused on digital media, I’d like to see the firm investment in forward-thinking sports technology applications. Luckily, it does seem that Melo has an eye towards this type of investment in the future. From his statement, emphasis mine:
We are actively looking for ventures with strong leaders creating breakthrough products that resonate with consumers. I particularly have my eye on companies that are involved with wearable technology and connected devices. These will be huge areas for the future.
Of course, there are sports applications outside the wearable landscape that might be worth investing in, but I trust that Melo and his team have a strategy in place.
For now, that strategy seems to follow the history of co-founder Stuart Goldfarb who in addition to his time at NBC served as president and chief executive of Bertelsmann direct media group. It’s probably for the best that the firm will follow in Goldfarb’s footsteps rather than Carmelo’s…
none of the startups will raise money after the first round RT @TheStalwart: Carmelo Anthony has launched a fund to invest in tech startups
— Maxwell Strachan (@maxwellstrachan) July 21, 2014