Patrick Murphy, former head of Universal Music’s corporate venture capital fund, has resurfaced at Amaranthine, a $50m fund being set up by Ireland-based conference organiser Web Summit.
Founded in 2010, Web Summit promotes technology conferences across the world, linking entrepreneurs and startups with prospective investors. Its most recent event is being held in Lisbon, Portugal this week.
Amaranthine filed in May this year to raise $50m, and the fund will utilise data collected at events concerning which entrepreneurs receive the most attention from investors, the Financial Times reported yesterday, citing a source that told it the fund will invest in companies at all stages.
Murphy will co-lead Amaranthine with Web Summit co-founder David Kelly, and they will be supported by Web Summit’s head of investors, Declan Kelly, who also manages its F.ounders meetings for startups.
Murphy spent three years at Universal Music up to April 2017, working on deals for portfolio companies including music instrument developer Roli, online television platform Pluto TV and Verve, the event promotion service formerly known as StreetTeam.
The move follows similar efforts by other event and startup service providers to set up their own corporate venturing funds.
Rohan Silva, co-founder of UK-based office space provider Second Home, told the FT it has held discussions with investors about a move into venture capital, while cleantech events manager Ecosummit has set up a green impact unit in Germany and is targeting approximately $57m for its first fund.
Photo of Patrick Murphy courtesy of LinkedIn.
