BYU Great Jimmer Fredette to Launch $50M Fund in Unicorn Hunt
Former college basketball star Jimmer Fredette is looking to make a splash in a different arena.
Fredette will soon launch a venture capital fund through his investment firm Tandem Ventures, where he is a partner. The 2011 Naismith College Player of the Year at BYU will work alongside founding partners Alex Bean and Mckay Dunn in the fund, which hopes to raise at least $50 million.
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The Tandem Ventures Fund I, L.P. is targeting early-stage tech companies, from pre-seed to Series A, with a specific focus on finding the next group of unicorns (private companies valued at $1 billion). It will receive help from 10 founders of billion-dollar enterprises such as Podium, Divvy and Lucid Software, who are participating in an advisory role as they look to mentor the next generation of unicorn founders. The fund expects to close by the end of the year.
“We’re looking for the new wave of tech coming through,” Fredette said in a video interview. “We’re focused on people that want to help with companies as well. We want to work in tandem with these companies to help them reach their goals.”
Tandem Ventures’ partners are planning to contribute at least 5% into the new fund. The platform will bet on pre-seed companies and later try to position them as special purpose vehicles (SPVs), an avenue where Tandem Ventures has found its most success for investors to date.
Fredette, supported by mentors Utah Jazz owner Ryan Smith and HGGC chairman Steve Young, believes he can be a great asset to his firm, not only bringing notoriety but also an expansive network of execs from around the world who he’s met during his pro basketball career. Fredette also expects to prove valuable when it comes to examining sports-related companies. The Glen Falls, N.Y., native says those are the types of pitches he receives most, from interactive basketball apps to new sports drinks.
“I think it’s another avenue that we maybe didn’t have access to before that now we do,” he said. “There’s some really great companies out there doing amazing things in tech and athletics. … We’re going to be opportunistic. I’m sure we’ll be doing sports-related stuff as we move forward.”
Fredette, who was drafted 10th overall by the Milwaukee Bucks in 2011, joined Tandem Ventures in September, and he was introduced as a partner at the Silicon Slopes Summit at the Vivint Arena, where he played multiple games in college. Tandem Ventures, which launched last year, is new blood in Utah’s healthy VC space. The Beehive State—which has the highest rate of unicorns of any U.S. state, according to a study done by the Stanford Graduate School of Business—is home to notable firms such as Park City Angels, Album VC and Epic Ventures.
“In venture capital, you need to get in the meeting rooms, and I feel like I can help with that,” Fredette said. “And then we need to win deals. If we can do those things, then people will want to invest in the companies that we’re raising for.”
Fredette, who last played in the NBA in 2019, decided not to go back to Chinese Basketball Association last year even though he was offered another contract by the Shanghai Sharks. The former Greek League champion instead decided to spend more time with his family and focus on executing plays in the venture capital world.
Despite his work with Tandem, Fredette’s basketball career isn’t over yet, as he’s currently trying to lead USA Basketball’s 3×3 team to the 2024 Paris Olympics. After missing out in Tokyo, the USA 3×3 team is looking to qualify for the 2024 Games starting next month. Fredette plans to play the entirety of the 3×3 World Tour next summer, but he has no commitments after that, the possibility of retirement looms.
“The Olympics are amazing, and that would obviously be a great way to go out,” he added. “We’ll see. I’m happy where I’m at right now and enjoying the process of trying to qualify for the Olympics.”
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