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NBA star Kobe sets up investment fund

NEW YORK — Retired NBA star Kobe Bryant is moving to Wall Street, announcing the formation of a US$100 million (S$134.9 million) venture capital fund to invest in media, technology and data companies.

Retired NBA star Kobe Bryant (pic) and partner Jeff Stibel have already made investments in 15 companies. Photo: reuters

Retired NBA star Kobe Bryant (pic) and partner Jeff Stibel have already made investments in 15 companies. Photo: reuters

NEW YORK — Retired NBA star Kobe Bryant is moving to Wall Street, announcing the formation of a US$100 million (S$134.9 million) venture capital fund to invest in media, technology and data companies.

The fund, known as Bryant Stibel, is being co-managed by investor Jeff Stibel. The two met through mutual friends, Stibel said.

Bryant Stibel has already made investments in 15 companies, including sports media website The Players Tribune, video-game designer Scopely, legal-services company LegalZoom, a telemarketing-software firm called RingDNA and a home-juicing company called Juicero. The firm was founded in 2013, but is going public now with Bryant’s retirement from the Lakers.

“We don’t want to be in the business of investing in companies so someone can use Kobe as an endorser. That’s not interesting,” Stibel, who began his career in brain research and later founded and developed tech companies told The Wall Street Journal.

“The point is to add real value.”

Stibel said the firm is focused on companies at all stages of growth.

“We are actively looking for great entrepreneurs, but we are in no hurry to deploy capital,’’ he said.

Bryant, who is known for his painstaking preparation and training, said he also brings the ability to identify entrepreneurs with a robust work ethic.

“Sometimes you can spot it right away, other times not so much,” said Mr 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 earned roughly US$680 million in salary and endorsements during his 18-year NBA career, according to Forbes, and has been in the process of transition from professional athlete to businessman.

Bryant created a company in 2014 called Kobe Inc to help handle his image.

Bryant is not the first athlete to enter the investment world. An increasing number of sports stars and retired athletes are investing in venture capital funds and start-ups.

Former basketball player Shaquille O’Neal has invested in several tech start-ups. Footballers David Beckham and Thierry Henry have both turned their attentions to investing since retiring. AGENCIES

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