Five-time NBA World Champion and recently-retired Kobe Bryant earned $680 million throughout his 20-year career with the Los Angeles Lakers, according to Forbes.
Now, he’ll be directing at least some of that money into a $100 million venture capital fund together with serial entrepreneur, Jeff Stibel. On Monday morning, the duo announced its plans to formally create Bryant Stibel, a Los Angeles-based firm which will invest in tech, data and media companies around sports and other industries.
“I want to be a part of something and if you want to be a true entrepreneur you have to put skin in the game,” Bryant told ESPN in 2014 when he formally entered the business world with Kobe, Inc.
Stibel — who was formerly the Chief Executive Officer and President of Web.com — is well-versed in entrepreneurship; he was one of the youngest public company CEOs in America at the age of 32.
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Over the past three years, Bryant and Stibel have invested in about 15 companies, including the sports media platform, The Players’ Tribune, and LegalZoom, an online legal technology company.
Bryant’s first foray into investing came two years ago around the same time he announced the creation of Kobe, Inc. The Philadelphia native became the third largest shareholder in BODYARMOR, the sports drink which touts itself as a better version of Gatorade.
Announced @BryantStibel investment platform to the world today with my partner @Stibel and our team on the @NYSE pic.twitter.com/Yy2yF34INH
— Kobe Bryant (@kobebryant) August 22, 2016
NBA athletes entering the investment space is nothing new, though. In March, New York Knicks superstar, Carmelo Anthony, created Melo7 Tech Partners to invest in data and tech-driven enterprises, which includes wearables and virtual reality.
“The money is enticing but it’s also the thrill of being involved with businesses and companies that’s changing the world today,” Anthony said to TechCrunch. “Tech is changing the world in everything we do, whether it’s sports, fashion, music. …Everybody wants to be heard and technology gives people the opportunity to be heard.”
Bryant’s former teammate and current NBA analyst on TNT, Shaquille O’Neal, has one of the more diverse investment portfolios in sports spanning Auntie Anne’s Pretzels and Five Guys Burgers and Fries to hundreds of car washes and 24 Hour Fitness gyms.
In a much quieter fashion, former NBA veteran and University of Kentucky guard, Jamal Mashburn, has turned gone from the hardwood to the C-suite since his retirement in 2006; he now has ownership in more than 80 business franchises, including Papa John’s, Outback Steakhouses and Dunkin Donuts.