Comcast Ventures, the 20-year-old investment arm of media giant Comcast Corp. whose portfolio includes unicorns Away and Hippo, is betting that bringing more specialists in house will set it apart. Now that Away has made it through the turbulence, it is focused on moving into a new 56,000 square-foot headquarters in NYC this fall, and plans to grow its team of 200 to nearly 500 employees over the next five years. Here are its 3 top media themes for 2020. Press Release: Comcast Ventures : Away Raises $50 Million, Announces it Reached Profitability in Under Two Years NEW YORK, June 28, 2018 /PRNewswire/ -- Away, the direct-to-consumer travel brand, announced a $50 million Series C fundraise, one of the largest rounds raised by women founders in 2018. I am a graduate of Columbia Journalism School and an adjunct professor at the NYU Arthur L. Carter Journalism Institute. Comcast Ventures combines the resources of a global media and technology leader; the expertise of a leading venture fund; and the technical insight, scale, and experience of a strategic investor. Should you save for retirement or pay down debt? America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Can We Save Social Media? He will decide if Comcast is better served acquiring companies or making seed, venture or later-stage investments. Users had the option to update their luggage by visiting an Away store, mailing the luggage to the headquarters, or ordering a DIY kit with video instructions at no cost. Partners were informed of the change this week, according to people familiar with the matter, who asked not to be named because the discussions were private. Away’s early model contained lithium batteries. Comcast Ventures is a corporate venture capital firm headquartered in San Francisco, California with offices in New York and Pennsylvania.Since 2011, Amy Banse has been the Managing Director and Head of Funds. “It was the right thing to do.”. The cofounders, both former employees of Warby Parker, recognized that “the early customer was still inconvenienced.” So once the new rules were announced, Korey says her team “immediately sprung into action” by creating a part that would give early customers an easily removable battery. Book Now. Twitter @TanyaKlich, © 2021 Forbes Media LLC. She says the startup quickly recouped losses because it spurred a sense of loyalty among customers and even led to new purchases, especially among those who visited the retail shops for replacements. The company is a vertically-integrated company offering beautiful, high-quality luggage at an affordable price point. While they declined to give exact revenue figures, Korey says sales in 2017 quintupled from the year prior. Comcast will continue to support the existing Comcast Ventures portfolio. Managing directors at Comcast Corp.'s venture arm reveal why they're bullish on audio, gaming, and influencers heading into 2020. All Rights Reserved, This is a BETA experience. Not everyone has to look the same as the founders of the past,” says Steph Korey, cofounder and CEO. While Comcast Ventures will continue to operate under Comcast chief business development officer Sam Schwartz, it will no longer invest in a broad array of companies, instead focusing only on start-ups that can support Comcast initiatives. “The number one pathway for more women to get early-stage funding is for other female entrepreneurs like Jen and I to tell our stories,” says Korey. 1999 Follow us. While Away’s batteries were removable, it required fiddling with the interior lining and a screwdriver. In July 2018, Blavity raised $6.5 million in new funding through GV, Comcast Ventures, Plexo Capital, and Baron Davis Enterprises. Also headquartered in San Francisco. Comcast is folding Comcast Ventures into its corporate business development unit led by Sam Schwartz. You may opt-out by. "We are aligning our approach to venture investing more closely with our business units and repositioning Comcast Ventures and its fund under the strategic business development team at Comcast Cable. The firm seeks to … I'm a former television reporter for NY1 News, where I covered all things Queens, NY and got my start in business news as a greenroom greeter and PA at Fox Business. 0.3 mi away $ 15. Have you ever wondered how much these essential workers make? Fortunately, the company was already in the process of designing one, the result of listening to customers who wanted to keep the battery on-hand after stowing the carry-on in the overhead compartment. Dave Zilberman, a 15-year Comcast Ventures veteran, said this week he was leaving for Norwest Venture Partners. Comcast Ventures chief Amy Banse announced her departure in September. ‘Booking.com’ Is A Trademark – Does This Matter To Your Business? Founded in 2015, Hippo has raised $36 million so far, according to Crunchbase. Connections Matter. Find out where to park near Comcast Ventures and book a space. She and Jen Rubio, both Forbes Under 30 alumnae, launched Away in early 2016 and have announced it reached profitability within its first two years, a feat for a startup that manufactures a high-tech luggage with 100 different parts. Book Now. As of May 2018, Away had more than 150 employees and announced plans to expand jobs across the company, including a relocation of its headquarters in New York City. Comcast Ventures is the private venture capital affiliate of Comcast Corporation. Veuer’s Sean Dowling has more. By combining the best characteristics of traditional venture funds with the technical insight, scale and experience of a strategic investor, Comcast Ventures offers a best-in-class value proposition for entrepreneurs, portfolio companies, partnering investors, and the Comcast family of companies. “It’s really cool to be part of this class of women-founded businesses that are paving the way and proving that anyone should be able to raise money. “Our luggage is quite complex,” says Korey. Comcast Ventures General Information Description. “Instagram has been great for us because people love to post when they travel and our suitcase gets to be part of that. We will continue to support our existing portfolio companies through investment and strategic partnership.". When Banse announced her departure, Comcast said CFO Michael Cavanagh would take over leadership of Comcast Ventures. Refocusing Comcast Ventures on companies that support broadband distribution and streaming video could help Comcast stay ahead of trends while being more disciplined on investments the company understands best. Staying close to the customer saved Away from a fiasco earlier this year, when the Federal Aviation Administration banned lithium batteries from checked-in bags. Also headquartered in San Francisco. “Being direct-to-consumer is a huge competitive advantage,” says Korey. Explore what we bring to the table. “Customers do a lot for us because they feel intimate with the brand.”. Amy Banse-Wikipedia. The last two years have been record setting in terms of venture dollars invested in U.S. companies, according to The National Venture Capital Association. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. “Having led Comcast Ventures' seed and Series A, B, and C investments in Away, I have had a front row seat to the company's incredible growth. See parking lots and garages and compare prices on the Comcast Ventures parking map at ParkWhiz. How you can save $1 million for retirement, How much the most populous states pay mail carriers, Creepy ways your company can spy on you while you work from home, Major companies suspend social media advertising over online hate speech, This bookshop survived earthquakes and recessions. Comcast Ventures is training startups like Away and Hippo to become TV advertisers and says it could be a competitive advantage in a world awash with VC cash ... 0.1 mi away $ 27. Korey says marketing costs have remained flat for Away because most customers learned of their brand through word-of-mouth and organic Instagram posts. I am a Lifestyle reporter at Forbes, focusing on beauty & style. Comcast is beginning the process of speaking with Comcast Ventures partners to determine who will stay with the fund as its strategic focus narrows to investments that support Comcast initiatives. your password Comcast Ventures, the corporate venture capital firm, is folding into Comcast's business development division and shifting its strategy to focus only on strategic investments. Korey says she hopes Away’s ability to balance both growth and profitability is a wake up call to investors who overlook female founders. It started with luggage, designed with thoughtful features that solve real travel problems—for life. “Hopefully, some Silicon Valley investors read these stories so when the next seed pitch comes in, be it from a woman or someone from a different background, they think twice before passing on the opportunity.”, I am a Lifestyle Reporter for Forbes, covering the business of beauty and style, as well as the arts, luxury real estate and more. Many of Comcast Ventures' best performing investments through the years have been strategic in nature, including CTI Towers, which Melody Investment Advisors acquired earlier this month, said the people. 520 Mason St. 490 Post St. Garage - Valet. Yes, We Have No Choice, Gender Bias: Trademark Act Never Contemplated A Woman Or Gay Male President, Cannabis Challenges Differ In Each State Where It’s Newly-Legal, 5 Unexpected Places To Find Your Next Great Business Idea. Comcast Ventures 3947. Comcast is narrowing the focus of Comcast Ventures to only strategic investments in a move that's likely to lead to partner defections. But not this, Jim Cramer on Chesapeake Energy filing for bankruptcy. Welcome! The round was led by Prelude Ventures and Comcast Ventures, and included participation from Pillar VC, The Engine, BASF Venture Capital, Pitango Ventures and Robert Bosch Venture Capital. That change, combined with the fund's decreased independence from Comcast, will likely lead to a number of partner defections, the people said. 55 5th St. Westfield SF Centre - Valet Kiosk. Comcast Ventures We turn great ideas into powerful businesses. Schwartz was one of the founding partners of Comcast Ventures more than 20 years ago. Away is a modern travel and lifestyle brand. It consists of the recently combined Comcast Interactive Capital and NBCUniversal Peacock Equity Fund. Comcast Ventures, the 20-year-old investment arm of the media giant Comcast Corp., has helped fund unicorns like the luggage maker Away and the home-insurance seller Hippo. Suggest edits Founded. A flood of venture capital has increased competition among VC firms of all types and forced them to find ways to differentiate. Connect with friends faster than ever with the new Facebook app. Is It Time To Change Director Board Compensation In Private Real Estate Firms? "Comcast Ventures has been a valuable innovation pipeline, providing insight into adjacent industries and investment opportunities" a spokesperson told CNBC. Show full articles without "Continue Reading" button for {0} hours. Founded in 1998, Comcast Ventures is a corporate venture arm of Comcast Corporation based in San Francisco, California. Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC. Away designs special objects for modern travel. The company raised $20 million in Series B funding led by Global Founders Capital, Forerunner Ventures, Comcast Ventures, and Accel Partners in May 2017. Amy Banse, the head of funds for Comcast Ventures, announced her retirement in September. Away (luggage)-Wikipedia. Our business development teams across the company continue to invest in new technology and businesses, which we believe will yield more strategic opportunities and benefits for Comcast and the companies in which we invest. “What allows us to invest in high-quality products is the fact that we don’t sell to other retailers.” Without retailers chomping at their profit margins, Away is able to keep their luxury line at “coach prices.”. Americans rely on mail carriers to send and receive their mail. The Company invest in media, communications, enterprise, infrastructure, healthcare, internet, and information technology sectors. The firm’s partners also include Gil Beyda, Andrew Cleland, Sam Landman, Dinesh Moorjani, Rick Prostko, Dave Zilberman, Daniel Gulati, and Kim Armor. “I think that close relationship with our customer has protected us from high marketing costs,” says Korey. I'm a former television reporter for, I am a Lifestyle Reporter for Forbes, covering the business of beauty and style, as well as the arts, luxury real estate and more. It’s totally free advertising for us,” she says. Away, a seller of lightweight smart-luggage, has raised $50 million in additional funding from existing investors Forerunner Ventures, Global Founders Capital and Comcast Ventures. Our Company Our Advantage Our ties to Comcast NBCUniversal and history of success set us apart. Comcast Ventures, LLC operates as a venture capital firm. Founded in 1999, Comcast Ventures, originally known as Comcast Interactive Capital, was formed during the acquisition of NBCUniversal by Comcast. DETAILS. The capital will help Away take off into new global markets, widen its product line and open six retail stores in 2018. Away, a seller of lightweight smart-luggage, has raised $50 million in additional funding from existing investors Forerunner Ventures, Global Founders Capital and Comcast Ventures. The company has made over 250 investments to date. Comcast to fold Comcast Ventures into corporate business division, focus on strategic investment, How you can save a million bucks for retirement. In the past two months, Cavanagh and former Comcast CFO Michael Angelakis, who now runs the private investment firm Atairos with capital from Comcast, reviewed the fund's strategy and decided it's a better fit within Schwartz's business development unit, one of the people said. “As you can imagine we were following those regulation updates so closely,” says Korey. Ways Entrepreneurs Can Stretch Their Capital, 2 Million Professionals Polled On How To Make Virtual Conferences Better— Here Are Their Top 10 Hacks. Comcast Ventures We turn great ideas into powerful businesses. The combined company, Comcast Ventures, ... She moved from Philadelphia from San Francisco to lead Comcast Ventures as the Managing Director and Head of Funds. After selling more than 500,000 suitcases to date, Forbes estimates Away has pulled in more than $125 million in revenue. Comcast Ventures is training startups like Away and Hippo to become TV advertisers and says it could be a competitive advantage in a world awash with VC … “Our early customers were blown away because they knew most companies would force them to buy a brand-new luggage,” says Korey. It has become increasingly difficult to compete for targets as more funds, such as SoftBank's Vision Fund, General Atlantic and Insight Partners, raise tens of billions of dollars for start-ups. Log into your account. 0.3 mi away $ 20. Comcast Ventures is a returns-focused fund, investing in companies across consumer, enterprise, and frontier technology sectors and partnering with founders through every stage of growth. DETAILS. Comcast Ventures invests in innovative businesses that represent the next generation of entertainment, communications and digital technology by partnering with entrepreneurs who have the vision, passion … your username. 1999 Follow us. 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During each purchase, the company closely tracks customer preferences and feedback through live chat, retail associates, focus groups and social media. Comcast Ventures invested early in buzzy companies like Away and The Athletic. Comcast Ventures and Fifth Wall led a $25 million “B” round in Hippo, a California-based home insurance technology and service startup. Comcast is our LP. “Every time someone buys something from us, they interact with someone at our company in some way.” But a direct-to-consumer model does not always guarantee a direct flight to profitability, largely because of the high cost of marketing and customer acquisitions. Comcast Ventures 3920. Just because you’re working from home doesn’t mean your boss can’t keep tabs on your every move. Known as Comcast Interactive Capital and NBCUniversal Peacock Equity Fund customer preferences and feedback through live chat retail. New Facebook app Columbia Journalism School and an adjunct professor at the NYU Arthur L. 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