M.L. Carr’s New GameApril 19, 2016
After many years as a pro basketball player and coach, M.L. Carr figured out where the real money was made. Across the National Basketball Association, he sees a common thread: many of the team owners are in venture capital and private equity.
So Carr, known around here for his roles with the Boston Celtics as a player and coach, is getting in on the game. He’s helping New Technology Ventures, a Newton-based VC firm launched last year, raise money for its first $250 million fund.
It’s been a longtime goal, getting into venture capital.
“Watching deals and looking at deals is exciting,” said Carr, who is listed as a special partner at the firm. “What I bring to this is the contacts that I have. I don’t think there’s a door that I can’t get in.”
Carr also just started a new side job: board member at Healthy Acquisitions Corp., the parent of the Burlington-based UFood Grill chain. Carr has struggled with diabetes and appreciates the difficulty in finding fast, healthy meal options on the road. He said he was attracted to UFood because it offers healthier choices compared to its rivals.
Carr joins as UFood is ramping up efforts to land franchisees: The firm’s stated ambition is to expand beyond its current base of 16 locations, to more than 100 over the next four years. Having Carr on board, UFood CEO Sal Rincione said, could be invaluable. In particular, Rincione said he’s hopeful that Carr’s NBA contacts can help get UFood into basketball arenas and build its brand awareness.
“When you have an NBA legend like M.L. Carr of the Boston Celtics,” Rincione said, “there’s got to be some sort of traction with his name.”
Article written and originally posted by the Global Staff at The Boston Globe.