US-based multimedia talent manager Night Media is set to close a debut corporate venture capital fund at $20m, CEO Reed Duchscher had told TechCrunch.
The fund will invest up to $300,000 into startups in three categories: consumer-facing products; gaming, with a particular focus on models utilising user-generated content; and the creator economy.
Night Media has already backed about a dozen startups, including Backbone, the developer of a game controller for iPhones, as well as Bitcoin-based rewards app developer Lolli, direct-to-consumer luxury product marketplace Italic and Pearpop, where fans can bid for shared screen time with their favourite TikTok personalties.
The company formed a venture studio in 2020 to incubate companies for its social media talent, including MrBeastBurger, a joint venture between virtual restaurant operator Virtual Dining Concepts and MrBeast, a YouTube blogger managed by Night Media whose real name is Jimmy Donaldson and who has amassed 55 million subscribers.
