Carmelo Anthony is starting a venture capital firm

Carmelo Anthony has a lot of money, and he apparently knows what to do with it. 

Melo, along with former NBC executive Stuart Goldfarb, is starting a venture capital firm to invest in tech start-ups. The company is called M7 Tech Partners, which stands for Melo 7, just so you don't forget whose money is behind it. The firm's first investment is in Hullabalu, a children's media company. 

“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.”

Melo isn't the first NBA player to start a venture capital firm. Steve Nash started Consigliere Capital in 2010, a firm with several multi-million dollar investments. 

Carmelo signed a five-year max contract with the Knicks last week worth more than $120 million. What if the real reason he passed up smaller offers from the Bulls and Lakers was that he wanted more money to invest?

- Dan Gartland