Former New York Yankees star Alex Rodriguez and Walmart Inc. e-commerce veteran Marc Lore are forming a venture capital firm, broadening their partnership as the duo pursues a separate deal to acquire a professional basketball team.
The new company, which will be called Vision/Capital/People, or VCP, launches with $50 million of the pair’s own money and could eventually raise $300 million to $500 million. Rodriguez and Lore plan to take early-stage stakes of 40% to 80% in their portfolio companies, much larger than the typical venture approach, a model that Lore said he found “frustrating” when he sought capital for his previous startups.
“If you have a big idea, you don’t want to start with a couple hundred grand,” Lore said in an interview. “Instead, we put up significant seed capital, hire a world-class executive team and help the founder craft a vision.”
Source: Bloomberg
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 