Velocity gains a bigger partner
Former top executives at News Corp.’s Fox Interactive Media and America Online said Monday that they had merged their fledgling venture investment firm with a larger and more established Silicon Valley fund.
Ross Levinsohn, former president of Fox Interactive, and Jonathan Miller, former AOL chief executive, said their firm, Velocity, had combined with Palo Alto-based ComVentures, giving them a partner with deeper pockets than their own firm.
The merged firm, called Velocity Interactive Group, inherits $1.5 billion in assets from ComVentures.
ComVentures’ previous investments include a variety of semiconductor and communications companies that were acquired or sold shares to the public.
Velocity also announced investments in a digital storage company, Fabrik; virtual world maker Doppelganger; and Mixercast, which is developing a media service for users of social networking sites.
Levinsohn said he and Miller would continue to focus on digital media.
He said he had been considering half a dozen deals for Web entertainment efforts.
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