Kyle Kuzma is many things. He is a forward for the NBA team Washington Wizards and the 2020 NBA champion. He is also a style icon – depending on who you ask – and an angel investor. Now he is also an advisor at a venture fund.
“I’m part of a new generation of the NBA,” Kuzma told TechCrunch in a phone interview. “For me, I have always been a hustle person and someone who was very interested in business and doing things just to build generational wealth for my family. I think getting into a venture is just going to catapult that into a different stratosphere.”
Kuzma, 28, joined early-stage Scrum Ventures as an advisor in March to support the company’s sports and entertainment fund, which is targeting $120 million. The partnership began in January when Kuzma’s agent Austin Eastman was connected with Scrum managing director and partner Michael Proman. Kuzma said he was impressed with Scrum’s team. Proman said the positive sentiment was mutual.
“The thing about Kyle is that it wasn’t until after I personally introduced him that I really understood how extensive his interests were in the venture space,” said Proman, a former NBA employee on the business development team. “Kyle is really interested in understanding the venture playbook, but especially from the venture side.”
Proman said Scrum’s sports fund, which Kuzma will help, is a little different from other sports-focused VC funds because it focuses on technologies that could be useful for athletes or corporate sports clients and are applicable to other industries as well. Ozlo Sleepbuds is a good example. The company makes earbuds designed to help people sleep better. While good sleep is incredibly important for athletes, it’s also important far beyond professional sports. Scrum participated in the company’s $6 million seed round earlier this year.
Scrum’s broad approach to sports technology makes Kuzma a good advisor unlike another NBA player, Proman said, as Kuzma has already invested in multiple sectors. Kuzma began angel investing in 2020 and has built a portfolio that includes soda alternative Lemon Perfect, which raised an additional $67.8 million in venture capital; consumer data company, Surf; and watch market, bezel.
“His investment portfolio is quite diverse; It’s not just classic sports technology,” Proman said. “There are a lot of people out there who want to invest in what they do 24/7, and while they are good at providing insight and analysis on these technologies, in many cases they are not venture-fundable technologies.”
Kuzma said he plans to become a hands-on investor, and while he knows a name like his could be a marketing boon for the companies he works with, he said he doesn’t want to just rest on his laurels and his Rather use status to help companies expand their network using its connections. He also believes his experience as a basketball player makes him a good fit as a VC, as he is used to working in a competitive environment where you can’t succeed unless you work as a team.
“I bring a competitive nature,” he said. “When you play sports at the highest level like the NBA, you play chess, not checkers. We are smart; We are not just athletes. We are not just people who play sports and do nothing else.”
Kuzma’s presence has already proven beneficial to the company, Proman said, as working with an athlete like Kuzma has led to a surge in interest in the company. Good inbound interest – he clarified.
Kuzma isn’t the first NBA player to get involved with venture capital. Kevin Durant’s family office, 35V, invests heavily in startups. Steph Curry is the anchor LP of Penny Jar Capital. Former players like Andre Iguodala and Michael Redd have also taken on more formal roles in the industry by starting their own companies, Mosaic and 22 Ventures, respectively. Kuzma is the latest NBA player to embark on the adventure, but he likely won’t be the last for long.
“Joining Scrum Ventures is really exciting for me,” said Kuzma. “I want to expand my portfolio and reach in the VC world. As an athlete, they always advise you to diversify your portfolio as much as possible. This is the next iteration of me as an entrepreneur.”