Walmart‘s former e-commerce chief Marc Lore said he’s ready to make big bets on digital retail as he teams up with baseball star Alex Rodriguez on a new venture capital firm.
In an interview on CNBC’s “Squawk Box,” the serial entrepreneur said they will write bigger checks and take bigger stakes in early-stage companies. For instance, he said, they invested $10 million for a 40% ownership stake in NOW//with, a start-up that connects Instagram followers to brands.
The new company, called Vision Capital People or VCP, will start with $50 million of Lore and Rodriguez’s own money. The pair are also in discussions to buy professional basketball team, the Minnesota Timberwolves.
He said giving…