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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Another gadget you don’t really need. Will not work once you get it home. New model out in 4 weeks. Battery life is too short to be of any use.

— From the fact sheet for a fake product entitled Useless Plasticbox 1.2 (an actual empty plastic box) placed in L.A.-area Best Buy stores by an artist called Plastic Jesus