Velocity invests $10 mil in Broadband
EmptyNEW YORK -- Velocity Interactive Group, the digital-media investment firm headed by former News Corp. and AOL executives, will invest $10 million in online video ad company Broadband Enterprises.
Velocity also is looking to back talent and online video production companies. Partner Ross Levinsohn said that Broadband's monetization technology could be useful when such deals are wrapped up.
"We're a minority investor," said Levinsohn, the former president of Fox Interactive Media. "We can't force anything. But we can surface ideas for people and that's the idea for this."
Levinsohn said investments in production and talent-oriented endeavors could be announced in the next 60 days, though he steered clear of specifics. His firm is looking into backing new technologies based around social networking and search, he said.
Velocity Interactive, announced last month, consists of Levinsohn, former AOL CEO Jonathan Miller and partners from the defunct Silicon Valley venture-capital firm ComVentures.
The New York-based Broadband sells online video advertising, syndicates programming and produces original content through its Vindico technology. Clients include American Express, AT&T, McDonald's and Procter & Gamble.