GE Launches $250 Million Media Investment Fund; First $3 Million Goes To Adify
By Staci D. Kramer - Mon 16 Apr 2007 07:03 PM PST
General Electric, parent of NBC Universal, is launching a $250 million equity fund to invest in media companies—and the first investment is $3 million in Adify, Reuters is reporting. The report is based on an interview with Beth Comstock, NBCU president of integrated media. Adify, which helps power online ad networks and already works with NBCU, is a good example of the kind of companies in line for investment; GE and NBCU want to invest $3-15 million per company in technology that can be used as the latter continues to build its digital presence.
Comstock to Reuters: “It basically is a way for us to invest in smart companies where we see a strategic value and companies that have a high- growth potential, particularly in the digital media space. ... In some cases, we may just make investments, but more than likely they will be investments with some sort of strategic or operational value.” Think wireless, advertising services, digital content.
Adify raises $19 million round: Reuters said the $3 million was part of a $19 million round that included US Venture Partners, Venrock Associates and Time Warner Investments. That makes a total of $27 million in funding for the San Bruno-based company, which raised $8 million in a first round led by Venrock last summer.
Posted in: Advertising, Companies, NBC Universal, VC+M&A
