Quintet sets up venture capital fund
By ELEANOR TRICKETT, campaignlive.co.uk, Friday, 01 September 2000 12:00AM
Five media owners have joined forces to create Accelerator Media, a pounds 36 million venture capital fund. It is headed by Alan Brydon, CIA Medianetwork’s former managing director, and Philip McDanell, previously the operations director of Yahoo!.
Five media owners have joined forces to create Accelerator Media, a
pounds 36 million venture capital fund. It is headed by Alan Brydon, CIA
Medianetwork’s former managing director, and Philip McDanell, previously
the operations director of Yahoo!.
Channel 5, Guardian Media Group, Jazz FM, Media Initiatives and GWR have
all signed up as media partners for the operation, which will invest in
second-stage funding for new-media and technology business in return for
equity. Representation from an outdoor and a technology company is
Accelerator claims to have a unique system whereby the investors commit
not only cash in return for shares, but also advertising inventory.
’Hitherto, venture capitalists have invested with cash alone, which is
used in the open market to buy media as any normal advertiser,’ Brydon
said. ’We have a unique virtuous circle. Because the media owners have a
stake in our advertiser companies, they have the same vested interests
as the advertiser.’
Accelerator is close to announcing its first investments. The companies
must have a marketing requirement, on which Accelerator will advise.
McDanell said: ’At this stage of their businesses, the companies might
not have a marketing director. We will be there for investment and for
hand-holding, helping them appoint an agency.’
Of the pounds 36 million, pounds 20 million has been provided by
Gold-Zack AG, the financial services group specialising in pre-IPO
This article was first published on campaignlive.co.uk
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