Accel takes stake in Trivone Digital
Venture capital firm Accel Partners has invested an undisclosed amount for a minority stake in Bangalore-based digital media content provider Trivone Digital.
Trivone announced that the Series A funding will be used as working capital as well as to facilitate inorganic growth in the coming months. The company, launched by former journalist Subu Subramanyan, creates digital media properties and sources content for online delivery.
Trivone currently owns three digital media properties, which it acquired earlier this year from UTV: www.techtree.com, www.channeltimes.com and www.cxotoday.com. It aims to build several more such domains in specific verticals, and bolster its domestic footprint through M&A deals.
"Internet penetration in India is at the cusp of rapid growth. We see a tremendous opportunity for these properties to grow, both online and mobile," Subramanyan said in a statement.
Accel has a history of investing into global tech companies including Angry Birds, Facebook and Groupon, as well as Chakpak, and Indian movie provider, and Exclusively.In, a fashion and home décor site, in the market.
Last month, Accel announced the close of its seed and early stage investment vehicle Accel India III at $155 million, raised by institutional investors from North America, Europe and Asia. According to Accel, the fund will invest in digital, tech, healthcare and education targets in India - areas it considers "high-growth sectors". These investments will add to Accel's 34 portfolio companies.
The news came after the firm called off the raise of its $400 million late-stage investment fund.
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