Monday, June 23, 2008
Austin Ventures Funds New Media Startup with $50M
Private equity firm Austin Ventures announced Monday that it has partnered with Internet executive Sherman Atkinson to form ATCOR Holdings Inc. Austin Ventures said the new company will focus on acquiring and operating high-growth businesses in the online advertising, marketing and digital media sectors. To fund the startup, Austin Ventures has contributed $50 million in equity capital, the company said, adding that Atkinson will serve as ATCOR's chief executive officer and will be based out of Orange County, Calif. Atkinson hails from Intermix Media Inc., where he worked as chief operating officer. Atkinson also held a similar position at Buy.com. Founded in 1979 and headquartered in Austin, Texas, Austin Ventures manages some $3 billion in portfolio companies.