Verizon Ventures, internet and phone service provider Verizon’s corporate venturing unit, is set to double the level of capital it invests and the size of its 37-company strong portfolio, TechCrunch reported yesterday.
Tom Constabile, associate director of corporate strategy and development for Verizon Ventures, told TechCrunch the unit plans to become more opportunistic and invest beyond sectors linked to its core business.
“We are looking to expand the programme,” Constabile said. “We are looking to double the number of investments we make and the amount of capital that we make available.”
According to an infographic released last week, Verizon Ventures invests in media and entertainment, connected devices and hardware, commerce and advertising, data and analytics, and infrastructure and networking.
Because it invests from the corporate balance sheet, Constabile declined to disclose the size of the fund from which it works. Companies funded by Verizon over the past two months include push notification service Urban Airship, mobile payment company Flint and enterprise software producer Kinvey.