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Advancit Capital is raising a new $25 million fund.
Advancit is an early-stage investment fund founded by Shari Redstone, a well-known figure in the entertainment industry. She is the daughter of media billionaire Sumner Redstone and serves on the board of CBS, Viacom, as well as a slate of other media companies. She formed Advancit Capital in 2011 with former Blackstone Group executive (and her son-in-law) Jason Ostheimer to invest in media, entertainment, and technology startups.
The firm has invested in over 20 startups to date, including FitStar, Circa, Local Response, Maker Studios, News Cred, Panna, and Skift.
Earlier this week the Wall Street Journal reported that John Miller was joining Advancit as a partner. Miller most recently served as the Chief Digital Officer at News Corp where he led investments in Roku and Bona Film Group and represented News Corp on Hulu’s board of directors. He also served as the CEO of AOL from 2002-2006 and founded Velocity Interactive Group, an investment firm focused on Internet and digital media.
Sumner Redstone is known for coining the oft-used phrase “content is king” and Advancit supports that ideal. All the portfolio companies work with content in some form, whether it is producing, curating, publishing, promoting, or analyzing.
Advancit’s last SEC filing was for $3.2 million. It is based in Massachusetts.