US-based telecommunications group Verizon’s corporate venture capital arm has stopped making new investments and is now managing its existing portfolio, a person familiar with the matter has told Global Corporate Venturing.
Verizon Ventures is one of the oldest CVC units worldwide, but has not disclosed an investment since December 2023, a month after its web page was last updated.
GCV understands that Madison Rezaei, who had headed the fund since early 2023, has left Verizon, as has chief investment officer John Nitti. The team now consists of three managers who are overseeing the existing investment portfolio according to GCV’s source. Verizon declined comment.
Founded in 2000, Verizon Ventures past investments include fantasy sports platform FanDuel, which was subsequently acquired for $4.2bn, and AI marketing software provider AdTheorant, which floated at a billion-dollar valuation, some 40 times that at which the unit invested.
Verizon Ventures currently oversees a 42-strong portfolio that includes transportation management platform Optibus and communications equipment maker Pivotal Commware as well as limited partner commitments to funds for venture firm BBG Ventures and co-creation studios The Hive and The Fabric.
However, several venture investors have seen their returns hit by a IPO market that has been stagnant for over two years, and several of the unit’s most highly valued startups, including data analytics software producer SparkCognition, software delivery automation platform CloudBees and internet-of-things technology provider Wiliot, have not raised funding since 2021 or early 2022.
