Comcast creates new venture capital fund
Philadelphia-based media giant Comcast Corp., which this year took control of NBCUniversal, has combined two existing capital funds into a new entity called Comcast Ventures, which will manage about $750 million in investments.
The new fund, which unites former NBC parent General Electric Co.'s Peacock Equity Fund with Comcast Interactive Capital, intends to invest in "early to late-stage businesses that represent the next generation of entertainment, communications and digital technology," Comcast said.
Comcast executive Amy Banse has been named managing director. She previously was head of Comcast Interactive Media, where she spearheaded Comcast’s online strategy and oversaw the acquisitions of Fandango, Daily Candy and Plaxo as well as the in-house development of XfinityTV.com.
Banse, who will report to Comcast Chief Financial Officer Michael Angelakis, will relocate to San Francisco. Comcast Ventures also will have offices in New York, Philadelphia and London.
“Technology is changing the way the world communicates, creates and consumes," Brian L. Roberts, chief executive of Comcast, said in a statement. “We are excited by the future and want to partner with the entrepreneurs who are driving that change."
-- Meg James