November 22, 2020
  • 5:30 am Moment iPhone 12 Case with MagSafe features a rugged, dual-compound construction » Gadget Flow
  • 5:28 am Comcast to narrow focus of Comcast Ventures, leading to partner defections
  • 5:25 am NFL to make history with first all-black officiating team as Los Angeles Rams face Buccaneers in Tampa | NFL News
  • 8:00 am H1N1 FLU BREAKING NEWS: 41 more US deaths, Tamiflu resistance, UK vaccine priorities, state deputizes more healthcare workers
  • 7:05 am Benchmarking research of campsites in Croatia

first_imgMany of Comcast Ventures’ best performing investments through the years have been strategic in nature, including CTI Towers, which Melody Investment Advisors acquired earlier this month, said the people. It has become increasingly difficult to compete for targets as more funds, such as SoftBank‘s Vision Fund, General Atlantic and Insight Venture Partners, raise tens of billions of dollars for startups. The last two years have both been record setting in terms of venture dollars invested in U.S. companies, according to The National Venture Capital Association.Refocusing Comcast Ventures on companies that support broadband distribution and streaming video could help Comcast stay ahead of trends while being more disciplined on investments the company understands best.Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.WATCH: Venture capitalist Bob Davis weighs in on Big Tech regulation and the future of VC Amy Banse, the head of funds for Comcast Ventures, announced her retirement in September. Dave Zilberman, a 15-year Comcast Ventures veteran, said this week he was leaving for Norwest Venture Partners .When Banse announced her departure, Comcast said CFO Michael Cavanaugh would take over leadership of Comcast Ventures. In the past two months, Cavanaugh and former Comcast CFO Michael Angelakis, who now runs the private investment firm Atairos with capital from Comcast, reviewed the fund’s strategy and decided it’s a better fit within Schwartz’s business development unit, one of the people said.Schwartz was one of the founding partners of Comcast Ventures more than 20 years ago. He will decide if Comcast is better served acquiring companies or making seed, venture or later-stage investments. Comcast will continue to support the existing Comcast Ventures portfolio.- Advertisement – Comcast Ventures, the corporate venture capital firm, is folding into Comcast‘s business development division and shifting its strategy to focus only on strategic investments.Partners were informed of the change this week, according to people familiar with the matter, who asked not to be named because the discussions were private. While Comcast Ventures will continue to operate under Comcast chief business development officer Sam Schwartz, it will no longer invest in a broad array of companies, instead focusing only on startups that can support Comcast initiatives. That change, combined with the fund’s decreased independence from Comcast, will likely lead to a number of partner defections, the people said.“Comcast Ventures has been a valuable innovation pipeline, providing insight into adjacent industries and investment opportunities” a spokesperson told CNBC. “We are aligning our approach to venture investing more closely with our business units and repositioning Comcast Ventures under the strategic business development team at Comcast Cable.  Our business development teams across the company continue to invest in new technology and businesses, which we believe will yield more strategic opportunities and benefits for Comcast and the companies in which we invest.”- Advertisement – – Advertisement –center_img Brian Roberts, Chairman and CEO of ComcastDavid A. Grogan | CNBC – Advertisement –last_img

admin

RELATED ARTICLES
LEAVE A COMMENT