Comcast Sets Up Combined Venture Capital Fund

PHILADELPHIA: Comcast Corporation has combined its venture capital arm, Comcast Interactive Capital, with the Peacock Equity Fund to form Comcast Ventures, valued at $750 million.

The new joint entity will invest in early-to-late stage businesses that represent the next generation of entertainment, communications and digital technology. The primary goal of Comcast Ventures will be to generate top financial returns through its portfolio companies.

Amy Banse will serve as Comcast Ventures’ managing director and head of funds. Banse is a 20-year veteran of Comcast, having previously served as the president of Comcast Interactive Media, where she led the online strategy and oversaw the acquisitions of Fandango, Daily Candy, Plaxo, and thePlatform, as well as the in-house development and management of Comcast.net, XfinityTV.com and Swirl (Daily Candy’s sample sales site). Banse will relocate to San Francisco, focusing on a number of sectors, including digital media, e-commerce and entertainment. In addition to its presence in Silicon Valley, Comcast Ventures will maintain its offices in New York, Philadelphia and London. Banse will report to Michael Angelakis, the chief financial officer at Comcast Corporation.

"Technology is changing the way the world communicates, creates and consumes," said Brian L. Roberts, the chairman and CEO of Comcast Corporation. "We are excited by the future and want to partner with the entrepreneurs who are driving that change. Amy is an innovator at heart, having launched many businesses within Comcast. I am confident that Comcast Ventures will flourish under her skillful leadership."

"It’s an exciting time to be in venture capital," added Banse. "Advances in software development, more effective marketing enabled by social networks and capital efficient business models are fueling rapid innovation. With our experienced investment team, our access to vast cable distribution and our affiliation with broad-based entertainment assets, Comcast Ventures is well positioned to provide insights and support to great entrepreneurs with radical, industry-changing ideas."