Liz Gannes

Recent Posts by Liz Gannes

Shari Redstone Starts an Early Stage Investment Firm

Of note: A new early stage investor, Advancit Capital, popped up in our recent coverage of funding for the stealthy app maker Nettle.

Advancit was co-founded by a boldfaced name: Shari Redstone, daughter of Sumner Redstone, director at CBS and Viacom, and president of National Amusements.

Her co-founder, Jason Ostheimer, who appears to have previously been at Blackstone, emailed the following description of the firm:

Founded by Shari E. Redstone and Jason Ostheimer, Advancit Capital is an early stage investment firm focused on media, entertainment and technology companies. The firm seeks the opportunity to form long-term partnerships with talented, focused and driven entrepreneurs. With its strategic and industry expertise, Advancit Capital provides value-added resources at the critical growth stages of the company. The firm generally seeks to participate in a company’s first round of outside financing.

A recent SEC filing shows Advancit has raised $3.2 million, while Ostheimer’s AngelList profile says he invests $50,000 to $250,000 in 10 to 15 start-ups per year. Nettle seems to be the only Advancit investment disclosed so far.

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I think the NSA has a job to do and we need the NSA. But as (physicist) Robert Oppenheimer said, “When you see something that is technically sweet, you go ahead and do it and argue about what to do about it only after you’ve had your technical success. That is the way it was with the atomic bomb.”

— Phil Zimmerman, PGP inventor and Silent Circle co-founder, in an interview with Om Malik