The company is investing $250 million with board member, entrepreneur and technology innovator Tripp Rackley. The investment creates an exclusive partnership with Rackley as he further develops cutting-edge technology businesses and leverages his proven history of success creating and growing high-value companies.
The fund will be managed as its own business independent of Cox, the company said, and it will be the sole investor in any projects that come out of the fund.
“Cox Enterprises has a long history of growing innovative businesses and creating new industries, and this partnership with Tripp marks an exciting way to revolutionize innovation,” said Jim Kennedy, Chairman, Cox Enterprises. “For several years we’ve observed Tripp’s success as an entrepreneur and recruited him to our Board of Directors because of that sterling track record. We’re thrilled to partner with him on this exciting new venture so that together we can build and grow the next generation of successful, high-value technology companies. It is a wonderful opportunity to work with someone we know, trust and respect.”
“This significant investment from Cox Enterprises creates a platform to develop the companies and industries of the future,” said Rackley. “My entire career has been focused on building businesses one by one, but now, we will be able to deploy our efforts simultaneously into an array of companies to drive innovation and long-term value creation.”
Rackley’s record in building tech startups include nFront, now part of Intuit; and Firethorn, now part of Qualcomm. Rackley is reportedly working with a team of 15 people.
The first company to be funded out of the fund is “Experience,” an app that lets people upgrade their seats at sporting and other live events. Cox says it’s already being used by some 20 pro and collegiate sports teams in the U.S. across some 200 events to date.
Rackley told Bloomberg that he expects between 5 and 10 startups to come out of the fund covering media, security, mobile commerce and payments.
HQ’d in Atlanta, Rackley is a graduate and distinguished Alumnus of Georgia Tech, Ernst &Young Entrepreneur of the Year, MIT Enterprise Forum Entrepreneur of the Year, and Member of the Georgia Technology Hall of Fame.