Cable company Comcast’s corporate venturing unit has completed its merger with its peer at NBCUniversal to form a $750m fund under a new name and partnered with DreamIt Ventures to incubate start-ups from people with minority backgrounds.
Amy Banse, president of Comcast Interactive Media, will head the combined entity, Comcast Ventures, which will focus on digital media, e-commerce and entertainment after its integration of Peacock Fund from NBCUniversal. Comcast Ventures will invest about $75m per year.
Comcast acquired control of NBCUniversal in January and Peacock had been set up in 2007 as a $250m fund jointly managed by GE and NBCUniversal.
To gain regulatory approval for its merger with NBCUniversal, Comcast said it would set up a $20m corporate venturing fund and as part of this programme has partnered with DreamIt Ventures.
The Minority Entrepreneur Accelerator Program (MEAP) will be accepting applications until July 8. William Crowder, founder of Growth Strategy Advisors and a veteran of business development at AOL, will be managing director of MEAP.
He said: "The challenge for many startups and their founders, particularly those from minority communities, is one of access and opportunity. MEAP responds to this need in superior fashion, and we look forward to seeing what kind of entrepreneurial magic will be created as a result."
In order to be eligible to participate in MEAP, a company must be at least 50% owned by founders who are African American, Asian American, Latino American or Native American.
For details on how to submit an application, click the link.