GE launches $250m media fund(2)

GE and parent company NBC Universal have unveiled a $250 million media and technology fund, which has made its first investment in early stage online advertising firm Adify.

GE Media, Communications & Entertainment, a division of GE Commercial Finance, has launched a $250 million (€185 million) media and technology fund in partnership with parent company NBC Universal.

The fund will focus on sectors including wireless, digital content and communities, advertising services and developing technologies. Investments will typically range from $3 million to $15 million.

“Just as digital technology drives the convergence of media, communications, and entertainment, it’s creating demand from our customers in these industries for investors who can provide financing and operational solutions,” Michael Chen, president and chief executive of GE Media, Communications & Entertainment, said in a statement. “By partnering with NBC Universal, we’re combining their media and distribution capabilities with our investment expertise to deliver these solutions.”

Thus far, the group has invested $3 million in Adify, an online advertising company headquartered in San Bruno, California. Founded in 2005, Adify has developed technology that sets up online ad networks by automating management, tracking, reporting, billing, and payment systems.

GE Media, Communications & Entertainment has nearly $8 billion in assets, with offices in Norwalk, Connecticut, Atlanta, Chicago, San Francisco, New York, Los Angeles, Hong Kong and London.

GE Commercial Finance, based in Norwalk, Connecticut, has more than $230 billion in assets. Its corporate equity finance division invests in established companies starting new ventures or undergoing changes in control, and focuses on the automotive, aviation, energy, healthcare, retail and transportation industries.