Comcast Corporation announced that it has combined Comcast Interactive Capital, the venture capital affiliate of the company, with the Peacock Equity Fund, formerly the venture capital affiliate of NBCUniversal and General Electric. The new merged fund, with a portfolio of approximately $750 million, is called Comcast Ventures.
Amy Banse, who has headed Comcast Interactive Ventures, will serve as Comcast Ventures’ Managing Director and Head of Funds. Comcast Ventures will invest in early-to-late stage businesses that represent the next generation of entertainment, communications and digital technology. Its primary goal will be to generate superior financial returns through the success of its portfolio companies by leveraging the experience, expertise and assets of the Comcast family of businesses.
As part of her new role, 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, Chief Financial Officer at Comcast Corporation.
“Technology is changing the way the world communicates, creates and consumes,” said Comcast CEO Brian Roberts. “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. 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,” said Banse.