Kobe Bryant Opens $100 Million Venture Capital Tech Fund
LOS ANGELES (CBSLA.com) — The offices of Legal Zoom in Glendale are about seven miles from Staples Center but they are a part of a new arena for newly retired Laker Kobe Bryant who was on CNBC this morning.
"I gotta tell you man there is no greater feeling than actually helping entrepreneurs be successful and being a part of something that's actually helping their dreams come true." Bryant said.
The Laker legend announced he's partnered up with former Web.com president Jeff Stibel to start a $100 million investment fund which will focus on media, technology and data.
Legal zoom is one of two Southern California companies the fund has already invested in.
Dr. Andrea Belz is the Vice Dean of Technology Innovation and Entrepreneurship at USC's School of Engineering.
Technology is definitely the modern day gold rush because not only can you make money from finding gold. You can make money from selling the picks and shovel.
What she means is Bryant and his partners have created a standard venture fund with about a dozen tech companies. The idea is to have a well round portfolio where the gains will outweigh any losses.
In the case of Legal Zoom, it was founded by famed Attorney Robert Shapiro to make filing legal documents more efficient and less expensive.
Dr. Belz says venture capital will make the company grow by creating new jobs and drawing new talent to Los Angeles which has been a start-up hotbed in recent years.
Right now the general public cannot buy into the fund and that's great for the average investor since Bryant and his team are willing to take the risk.
"This is one of my passions," Bryant told CNBC after ringing the opening bell on the New York Stock Exchange. "We are one gear, 100 percent laser-focused, and here we go."
The firm will be based in Los Angeles.
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