M7 Tech Partners 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.
Mr. Goldfarb said 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.
The media exec and NBA star are long-time family friends, Mr. Goldfarb said.
“We have complementary strengths and a very close, 50/50 partnership…I have more time to do the leg work of scoping out potential deals for us. But ‘Melo has incredible business instincts and a great record when it comes to product design, social media and business development,” he said.
Mr. Anthony was not immediately available to comment. In a press statement, he said he has long been interested in technology.
The name “M7” stands for “'Melo seven,” the athlete's nickname and jersey number with the New York Knicks.
Carmelo Anthony: Knicks forward, seven-time All-Star, two-time Olympic gold medalist, venture capitalist. Who says he's one-dimensional?