Spark Fund Debuts With $260 Million
POSTED October 3, 2005
BOSTON - Spark Capital announced the formation of its new venture capital partnership focused on early-stage investments in the media, entertainment and technology industries. Founded by a team of accomplished investment professionals, Spark Capital is debuting with a first fund totaling $260 million.
"Over the last decade, telecom operators, Regional Bell Operating Companies and cable operators have spent enormous amounts of capital building out their broadband infrastructures. The next decade will be spent monetizing this infrastructure," said Todd Dagres, general partner at Spark Capital. "Our focus is on exploiting this opportunity by investing in companies that we perceive to be on the cutting edge of media, entertainment and technology, and have the potential to create new markets and become category leaders. We believe that the convergence of these industries provides extraordinary investment opportunities on which Spark is uniquely positioned to capitalize."
The principals of Spark Capital have over 40 years of combined experience in the media, entertainment and technology markets and have produced exceptional returns for their investors.
Commenting on the formation of the new firm, Limited Partner Lawrence Rusoff of Performance Equity Management LLC, the manager of General Motors' pension plans private equity assets, said: "The success of venture capital firms hinges on three fundamental factors: the investors, their network and their investment focus. Spark Capital is a stand out across the board. The principals have generated some of the best returns in the venture industry during their careers, and built out an extensive network across the markets they pursue. Meanwhile, their investment focus opens up huge potential that is largely untapped by other firms."
Spark Capital is comprised of a team of industry veterans including Dagres, Santo Politi, Dennis Miller, Paul Conway and Bijan Sabet, each of whom will serve as general partners with the firm. While this is the first fund for Spark Capital, the principals have worked together and collaborated on a number of previous investments.
Dagres is a co-founder of Spark Capital and most recently served as a general partner at Battery Ventures, where his investments generated over $1.1 billion in profits to Battery investors. Over the last three years, Dagres was named to the Forbes "Midas List," which ranks top venture capitalists who have created the most wealth for their investors. He has helped establish two film and television production companies (Prospect Pictures and Ealing Studios) that together have produced or sold over 12 films and TV shows since 2003. Dagres has also produced two critically acclaimed films.
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