Ex-AOL, Fox Mobile Execs in New Investment Venture

LOS ANGELES/PALO ALTO, December 18: Velocity, the firm
founded by new-media veterans Ross Levinsohn and Jonathan Miller, has merged
with ComVentures for a new global digital media and communications investment
firm, Velocity Interactive Group.

Levinsohn is former president
of Fox Interactive Media, while Miller is the ex-chairman and CEO of AOL.
ComVentures, meanwhile, is headed up by investors David Britts, Keyur Patel and
Roland Van der Meer. The five have been working together on investments over
the last year and the launch of the Velocity Interactive Group marks the start
of a formal partnership. The venture provides financing for seed, early stage
and growth companies, focusing on the digital media and communications sectors.
Velocity Interactive Group will continue to invest in ComVentures’ current fund
and manage its more than $1.5 billion in assets.

“Velocity Interactive Group is
a natural outgrowth of the successful investments we have made together over
the last year,” said Levinsohn. “The firm’s laser focus on digital media and
communications allows us to leverage our experience, expertise and relationships
in these areas and provide more than just capital to companies.”

“We have created one of the
most talented teams in digital media and communications with deep investing,
operational and entrepreneurial experience,” added Van der Meer. “We are
uniquely positioned to identify opportunities and accelerate growth for
companies in the digital media and communications sectors.”

Velocity Interactive Group has
already announced investments in India, with NDTV Networks and IndiaTV. In the
U.S., meanwhile, Velocity has finalized investments with the new-media ventures
Fabrik, Doppelganger and Mixercast.

—By Mansha Daswani