NBA All-Star Carmelo Anthony Is Now a Venture Capitalist

NBA forward Carmelo Anthony is already rich. The seven time All-Star just signed a five-year contract with the New York Knicks worth a reported $122 to 129 million. But Anthony wants to gamble with his wealth like everyone else, and is putting part of his fortune into Silicon Valley's startup scene.

Anthony's new venture capital firm, M7 Tech, is a partnership with Stuart Goldfarb—an executive who made his money running the Columbia House and Book of the Month Club mail order companies. According to TechCrunch, Anthony is "hoping to leverage a social media presence of over 5 million followers and his Melo brand into success in tech investment."

"For as long as I can remember, I've been interested in technology," Anthony said in a statement. "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."

Anthony may be optimistic that he can convert Twitter followers into a successful business—but we'll see if he ends up backing the next Shots of Me.

Photo: Getty