Guardian Media Group To Launch New £42 Million Venture Capital Fund
Guardian Media Group has announced plans to launch a new, independent £42 million venture capital fund called GMG Ventures.
GMG Ventures will support the development of GMG’s core news business in a sector that faces ongoing disruption, GMG said.
The fund will invest in early stage businesses focused on developing the next generation of media technology.
GMG Ventures will also achieve long-term financial returns for The Scott Trust, in line with the Trust’s other investment funds. GMG Ventures will consider investments in areas such as:
- Artificial intelligence and machine learning tools for journalism
- Advertising technology, including new formats and fraud detection
- Technology to enrich reader and customer experiences
- Payment technologies and other customer platforms
- Tools or platforms allowing readers to act on content that inspires them
- New forms of content distribution, via audio and voice platforms or virtual, mixed and augmented reality models
The Guardian’s existing investment in Founders Factory will also be managed by GMG Ventures.
GMG chief executive David Pemsel will chair GMG Ventures. Alan Hudson, who joined GMG as chief investment officer in 2011, will become managing partner of GMG Ventures. Alan has over 20 years of investing and advisory experience in the media and technology sector.
GMG chief executive David Pemsel said: “In a rapidly changing media landscape, GMG Ventures will be an essential addition to the experience, skills and qualities of the Guardian, giving us access to the new ideas and innovation that entrepreneurs bring to the table. GMG Ventures will aim to secure investments in some of the very best new businesses emerging out of the media and tech space in the UK, US and Continental Europe.”
GMG ventures managing partner Alan Hudson said: “GMG Ventures is uniquely positioned to be a value-add investor. The Guardian is well-placed to understand the rapid changes to the news sector and the investment opportunities that disruption presents.”
Jonathan Evans will take over the stewardship of GMG’s endowment fund as head of investments. Jonathan has 30 years of experience in fund management.