Monday, December 17, 2007

PaidContent: Levinsohn And Miller’s Velocity Merges With ComVentures; Forms $1.5B Velocity Interactive Group

"Just four months after finally announcing their investment firm Velocity Investment Group, former FIM (NYSE: NWS) president Ross Levinsohn and former AOL (NYSE: TWX) chairman Jon Miller are merging with ComVentures to form Velocity Interactive Group. Call it the investment equivalent of marrying for love—and into money. ComVentures brings more than $1.5 billion in assets and three partners: David Britts, Keyur Patel and Roland Van der Meer. Miller and Levinsohn have been advising ComVentures and working with the venture fund on investments during the past year. The five are general partners in the combined firm, described now as an “investment firm that provides financing for seed, early stage and growth companies” with an emphasis on digital media and communications globally. In an interview Monday, Levinsohn said VIG plans to raise another round in 2008. The fund is investing “as little as $100,000, as much as $30 million.”
What happened to PE firm General Atlantic as Levinsohn and Miller’s backer when the first version of Velocity launched? Levinsohn said they hope to continue to work with GA but that PE is “generally oriented towards cash-flowing assets—which many i-companies are not.” He said GA enabled Velocity to make offers but nothing that went through given a “frothy” market. "

Velocity Interactive Group is a dynamic, evolutionary partnership, but we are not new to the business. Our partners have led large companies like AOL, Fox Interactive Media, Inktomi, Alta Vista and USA Interactive and start ups like and Webvibes, and have invested in standouts like Broadcom, PairGain, Ascend, SiteSmith and Chromatis. We are focused on working as a team with our partners. This teamwork extends around the world, with partners strategically located to help our companies in person. This is what makes the job fun. You get experience, resources and support from each of us.

Philosophy and Management
We know what it takes to make a company work because we've actually done it. From start ups to companies with more than 20,000 employees, our team has been in the trenches as executives, investors and board members. We've shared the glory of success and the pain of tough times and have learned every step of the way. We like rolling up our sleeves with entrepreneurs and strive to help our investments work for the people and teams we partner with. We will be at your side every step of the way because it's simply what we are used to. It's our way of life, not a job.

Investment Approach
We are focused on digital media and communications, globally. The firm likes to invest in companies that are focused on the transformation of these industries and have the courage and stamina to do it. We will invest as little as $100,000 or as much as $30 million. We're partners, which means we will do follow on investments, not just initial capital. We're also in it for the long haul and want to see companies grow to realize their dreams.

Velocity Interactive Group is investing out of its current fund and has over $1.5B in assets under management.

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