Steamboat Ventures, the corporate venturing unit of Disney, has raised $85m securing investments from 13 investors, according to a filing with the Securities and Exchange Commission.
The firm was reported as looking to raise between $200m and $250m for the fund, in January, news provider Fortune reported. Fortune said at the time the fund would receive a $75m investment from Disney. This is the first time the fund has sought third party money.
It is understood the company raised the fund from a combination of strategic and institutional investors, with Disney maintaining a sizeable position in the fund.
It is also understood the firm’s investment focus remains fundamentally the same – both by sector, where it is seeking innovative, high potential businesses in the consumer Internet and digital/social media sectors that are driving significant levels of disruption, and geography, targeting China and North America. Steamboat continues to allocate capital to China but still is looking at US investment opportunities that offer global potential. It had been reported in the Fortune story that the firm was refocusing towards Asia.
Recently the firm has had successes both for its US and Asian portfolios, with camera company GoPro receiving a $200m investment at a $2.25bn valuation from Taiwan-based manufacturer Foxconn last week, and with the initial public offering of China-based social media company YY.com performing strongly since listing on Nasdaq in November.