Thursday, May 28, 2009

Velocity Interactive Teams With Best Buy On Digital Media Fund

Velocity Interactive Group, the venture capital firm headed by Ross Levinsohn, disclosed today that it has raised a new, digital media fund which has Best Buy as its sole limited partner. Size of the new digital media fund was not disclosed. According to Velocity, the new fund will focus on strategic digital media investments which are complementary to Best Buy's portfolio. In conjunction with the new fund, Velocity said that it would rename itself Fuse Capital. Velocity has offices in Palo Alto, Los Angeles, India and China; the firm also currently manages the former ComVentures venture portfolio.