Carmelo Anthony begins new firm

Signed to the New York Knicks for another five seasons, Carmelo Anthony is already looking to life after basketball.

On Monday, Anthony announced the creation of M7 Tech Partners, a venture capital firm whose only partners are Anthony and Stuart Goldfarb, the former CEO of Bertelsmann, the world's largest direct marketer of music, video and books.

"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 leadership that resonate with consumers."

Anthony noted that he was particularly intrigued with wearable and connected devices.

"Carmelo is in his prime right now," Goldfarb said. "He has built an incredible global brand and is now interested in building his future while his brand is on the rise."

Goldfarb said the two haven't put a minimum or maximum on how much they will invest in the coming years, though the firm's announcement was accompanied by news of its first investment. M7 has become an equity partner in Hullabalu, an interactive children story company.

Goldfarb said that the firm's interest could gravitate to sport on occasions, but will mainly be focused on "investing in companies that have products that deeply resonate with us."

Anthony agreed to a five-year, $124 million deal with the Knicks last week.