US-based cable and telecommunications company Comcast is setting up a new corporate venturing arm focused on late-stage companies and funded with $4.1bn, Reuters reported yesterday.
The new unit will be headed by Michael Angelakis, currently the chief financial officer (CFO) of Comcast. Angelakis will step down from his current position either when a new CFO is hired or on June 30, 2016.
Comcast will provide $4bn to the unit, with Angelakis investing $40m and the remaining money coming from senior team members who are yet to be appointed. The new arm will begin operations either this year or by early 2016.
The company currently makes early-stage investments typically between $2m and $15m through Comcast Ventures. The new unit would invest larger sums but not exceed $1bn.
Comcast has not yet decided which sectors it will focus on.