The company that Fox Interactive acquired: Newroo
So the secret is out.
Silicon Valley was abuzz a few days ago about which company News Corp, via its Fox Interactive subsidiary, acquired around the time of the Under the Radar conference.
Turns out it is NewRoo, a San Francisco team of three guys, and bidding price is between $5M and $10M, according to a well-placed source. NewRoo, led by Dan Gould and Brian Norgard, has developed a Web site that helps users customize their own news aggregator service. It offers you a topic area by selecting certain relevant news and blog sources and then you can customize around it. We tried the service out about a week ago, and thought it made a lot of sense. The question was, how do you make money off it. Fox may have figured that feeding its video or other image to people looking for particular topics might make sense for them.
This company had no venture backing. However, the deal is still in the termsheet stage, and should take a couple of more weeks to close. After the deal closes, the team will be leaving Silicon Valley, and joining Fox's headquarters.
We first mentioned them here.
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Hearing often lately about small VC fund is likely more agile and disruptive and bigger ones will lose out argument/observations, I am wondering whether there are some studies on the VC fund efficiency model. Are there something else, such as partnership dynamics, spread of the investment focuses over time, intimacy and interactive level of the due diligence process, and relationship versus valuation driven portfolio company management approach etc., playing a much larger and telling role in deciding overall success or failure of a fund or a firm? One thing is certain, some of the behavioral finance phenomena can be explained by capital/market efficiency model.
Hard to believe that VC investments are based on secretive luck. So why my luck is less lucky than someone else luck? I have noticed that firms like KPCB changed its value proposition to RELATIONSHIP. Maybe this is one of the key things that have not been paid much attention in the past?
A minor detail, but IIRC, Newroo is two guys, one woman, and some contractors.
CommerceNet is proud to see these guys succed; we were early and enthusiastic backers and can testify to what a prescient (and dedidcated) crew Fox is snapping up...
They should acquire the search engine Xista.com. There could be lots of reveue potential.