LONDON (Alliance News) - WPP PLC on Monday said it will invest in venture capital fund Courtside Ventures.
Courtside Ventures aims to invest across early stage technology and media companies with a focus on sports, and is in a strategic partnership with media, marketing and sports venture Bruin Sports Capital.
Courtside Ventures will invest USD35 million to support innovative technology disrupters across sports and media that have the potential for broader applicability across other markets, and will be backed by WPP and Dan Gilbert, who is the founder and chairman of Rock Ventures and retail lender Quicken Loans.
George Pyne, chief executive and founder of Bruin Sports Capital, will serve as Non-Executive Chairman of Courtside Ventures.
"Sports remains a fundamental interest for our clients, the media and our people. So, we are delighted to participate in Courtside, particularly with Dan Gilbert and George Pyne. The icing on the cake is the Detroit location, home of our largest client, Ford," said WPP founder and CEO Martin Sorrell.
Shares in WPP were trading down 0.6% at 1,455.00 pence on Monday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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