British media company Daily Mail and General Trust has partnered with US manger Moore Capital Management to launch a venture capital platform focused on the energy transition, according to a statement.
Renown Capital Partners is set to begin fundraising early next year. It will be led by James McIntyre, a senior managing director at Moore Strategic Ventures according to his LinkedIn page, with support from Moore execs Hunter Horgan and Cameron Scari.
DMGT owns the British newspapers the Daily Mail, Metro and I, as well as a number of other titles. The company has recently expressed its interest in acquiring Telegraph Media Group, the producer The Daily Telegraph, according to numerous reports.
Moore Capital is providing $200 million of seed capital for the new platform. The statement did not disclose how much capital DGMT are providing. DMGT declined to comment beyond the press release when contacted by New Private Markets.
The new platform is not DMGT’s first foray into venture capital. The company launched DMG Ventures in 2017, which has since invested more than £200 million ($251 million; €233 million), according to its website.