Bill Pescatello has become the first senior departure from the $250m Peacock Equity corporate venturing fund after its transfer from General Electric (GE) to cable company Comcast.
Pescatello had been vice-president and a founding member of Peacock fund, which was a joint venture between GE and broadcaster NBCUniversal, having been promoted from associate during the past five years. GE sold NBCUniversal to Comcast earlier this year and the Peacock fund transferred with the rest of the broadcaster.
At Peacock, Pescatello’s deals included Ramp, Vivox and Greystripe, which was last month sold to online marketing firm ValueClick for $70m.
At Lightbank, the venture capital fund started last year by consumer coupon provider Groupon’s co-founders and investors, Eric Lefkofsky and Brad Keywell, Pescatello will be a principal based in Chicago.
Lightbank said it was investing in a deal a month and had 14 portfolio companies: InnerWorkings, Echo, MediaBank, Groupon, Poggled, Whereivebeen, Sproutsocial, Watermelon Express, Pawncho, Obaz, Lightswitch, Gtrot, Betterfly and 60mo.
It is Lightbank’s second hire from a corporate venturing team, having recruited Paul Lee as a partner from his role as head of digital ventures at publisher Playboy Enterprises. Lee had worked with Pescatello, having, prior to Playboy, been a senior vice-president of the Peacock fund from February 2007 to May 2010.
Lee said: "Having worked with Bill for a number of years, I saw first hand his enthusiasm, energy, and respect for entrepreneurs."
Pescatello added: "Lightbank has created a unique position for itself among leading venture capital firms by focusing on actively partnering with companies to help in the growth process."
Separately, next week will see the formal retirement of Julian Brodsky, one of three founders of Comcast. As vice-chairman, Brodsky had set up and run Comcast’s corporate venturing unit, Comcast Interactive Capital, which promoted Amy Banse as head last year. At Comcast Interactive Capital, she hired Andrew Cleland from Time Warner in March.