Sky eyes Israel and Europe as it expands startup footprint
Broadcaster Sky has announced plans to ramp up its startup investment and commercial partnership activity through a series of investments.
The company will open a new office in Berlin to focus on companies in Germany and Scandinavia, and invest $4m (£3.1m) into Remagine Ventures, an Israeli venture capital fund based in Tel Aviv.
Sky’s group director of business development and partnerships, Emma Lloyd, said the announcement marked an “exciting new chapter” for the broadcaster.
“Six years on from our first investment, we’re expanding our startup activity across Europe and Israel,” she said. “Spending time in both Berlin and Tel Aviv has left us hugely impressed with the energy, dynamism and talent of both tech scenes.”
Read more: European tech startups could reach $50bn valuations
The move will aim to bring Sky close to thriving startup scenes in Tel Aviv and Berlin, as the latter vies to usurp London as Europe’s new technology capital post-Brexit. Sky already has substantial business interests in Germany, including in Roku, an entertainment streaming service.
Newly-launched Reimagine Ventures, headed by Kevin Baxpehler, formerly of ProSiebenSat1.Media, and Eze Vidra, formerly of Google Ventures Europe, will focus on tech companies working within tech, entertainment, data and commerce.
Read more: Comcast extends deadline for Sky shareholders to accept £26bn offer
Carsten Schmidt, chief executive of Sky’s German operations, said: “I’m very pleased to be expanding Sky’s activity with the establishment of a new Berlin base for our venture activity. I continue to be impressed by the strength of tech talent in Berlin, and ever growing pool of startups bringing new and innovative ideas to the German market and beyond. I look forward to us establishing more partnerships with early stage companies by setting up our Berlin based office this year.”
Sky is currently at the centre of a £26bn takeover bidding war between 21st Century Fox and Comcast, after a process fraught with legal and political complexities.