Comcast, NBCUniversal Venture Arms Combine
NEW YORK - Comcast Corp. said Thursday that it has combined its venture capital arm Comcast Interactive Capital with that of NBCUniversal and General Eletric, which was called Peacock Equity Fund.
In another step of the integration between the two companies since Comcast in late January acquired a majority stake in NBCUniversal, the cable giant said the combined fund will be called Comcast Ventures. It now manages the two funds' joint investment portfolio, valued at approximately $750 million.
Long-time Comcast executive Amy Banse, most recently president of Comcast Interactive Media where she led the firm's online strategy and oversaw the acquisitions of such companies as Fandango and Daily Candy, will serve as the merged entity's head as managing director and head of funds. She will relocate to San Francisco and report to Comcast CFO Michael Angelakis.
In a statement, the company said Comcast Ventures will "invest in early-to-late stage businesses that represent the next generation of entertainment, communications and digital technology." Its primary goal will be to reap "superior" financial returns through the success of its portfolio companies by leveraging its own expertise and assets.
“Technology is changing the way the world communicates, creates and consumes," said Comcast chairman and CEO Brian Roberts. “We are excited by the future and want to partner with the entrepreneurs who are driving that change."
Said Banse: "It’s an exciting time to be in venture capital." She added: "Advances in software development, more effective marketing enabled by social networks and capital efficient business models are fueling rapid innovation.