Retired NBA player Kobe Bryant has partnered with entrepreneur and investor Jeff Stibel for a $100 million venture capital fund.
Since 2013, the duo has invested in about 15 companies informally. Now, they have entirely joined forces to form a venture capital firm called Bryant Stibel, which will invest in tech, data and media companies.
Some of the investments made by Bryant and Stibel include: The Players Tribune, Scopely, LegalZoom and RingDNA.
The newly formed firm will be based in Los Angeles, and the venture capital fund has been entirely contributed by Bryant and Stibel. While it is expected to last for a few years, currently they are not seeking outside investment in the firm.
Stibel has experience in building companies while Bryant has great skills in using social media to connect with fans directly. The retired basketball player says that he has the talent of identifying individuals with strong work ethics. Bryant also brings his creativity to the company and designed the logo for Bryant Stibel.
"Sometimes you can spot it right away, other times not so much," says Bryant. "It's the inner belief that a person has that he will endure no matter what the obstacle may be. It's that persistence, the entrepreneur doing what he or she truly believes in and truly loves to do."
Bryant has been successful in his 20-year career with the Los Angeles Lakers of NBA. He says that he also likes helping others to be successful.
"I enjoy doing that much much more, that's something that lasts forever, and hope they do that for the next generation," added Bryant.
Many retired players have made investments in various companies or started their own business. About a decade ago, retired baseball pitcher Curt Schilling started a video game company and was able to raise money with Rhode Island government agencies. However, the company did not perform well and filed for bankruptcy in 2012.
Bryant's teammate Shaquille O'Neal is also known to have made investments in several entertainment and technology startups. Carmelo Anthony is another NBA player who co-founded venture capital firm Melo7 Tech Partners. The company primarily invests in early stage digital media, consumer internet and technology ventures.
Bryant says that he does not take himself as a competitor to these companies. However, a $100 million initial investment is one of the highest for a company with a sportsman going into venture capital.
It remains to be seen which companies will get investments from Bryant Stibel in the near term.
Photo: Bryan Horowitz | Flickr
