Rachel Lam, former head of corporate venturing unit Time Warner Investments, has set up a venture capital firm, Imagination Capital, with her former CEO, Richard “Dick” Parsons.
She said Imagination Capital was targeting $250,000 to $500,000 in initial investments in institutional seed and A rounds for about 20 to 25 startups in esports, big data/machine learning, and digital media.
Parsons, who stepped down as CEO of Time Warner in 2007, is now the CEO of the Los Angeles Clippers basketball franchise.
He and Lam are providing the money for Imagination as “Dick didn’t want to be a fiduciary,” Lam told news provider Axios.
And added to news provider Wired that pitching a venture fund run by an Asian-American woman and an African American man “is likely to be a bit different than when pitching your typical VC”.
Lam, a GCV Powerlist 2016 winner, founded the Time Warner Investments group in 2003 and invested more than $325m in 54 companies before leaving earlier this year.
Her exits include Maker Studios (sold to Disney), Bluefin Labs (sold to Twitter), Admeld (sold to Google), Playspan (sold to Visa), MediaVast (sold to Getty Images), CrowdStar (sold to Glu Mobile), Kosmix (sold to Walmart), iSocket (sold to the Rubicon Project), ScanScout (sold to Tremor Video) and Turbine (sold to Warner Bros).
She currently is on the board of Telaria and on the advisory board of Little Things.