In an effort to boost its investments in tech startups in Europe and the Middle East, the pay-TV group Sky has announced that it will open a new office in Germany and invest $4m in an Israeli venture capital fund.
The biggest pay-TV group in Europe has built one of the most advanced platforms in the region thanks in part to investments and partnerships the firm has made with over 20 companies in the US, Britain and France. One of Sky's most notable early investments was in the streaming box provider Roku.
Sky currently has distribution platforms in Britain, Ireland, Germany, Italy and Austria. The group was so impressed with Berlin and Israel's tech talent that it plans to scout for the most interesting companies in Berlin and invest $4m in the Israeli venture capital fund, Remagine Ventures.
The new German office will give Sky a local presence in Berlin's growing startup eco-system which will give the firm an opportunity to build better relationships with investors in the region and scout for promising entrepreneurs to invest in and partner with.
Group Director of Business Development and Partnerships at Sky, Emma Lloyd offered further insight on the group's plans to invest in Berlin and Tel Aviv in a statement, saying:
“Six years on from our first investment, we’re expanding our startup activity across Europe and Israel. Spending time in both Berlin and Tel Aviv has left us hugely impressed with the energy, dynamism and talent of both tech scenes. This is an exciting new chapter for us and we can’t wait to get started and uncover new, innovative startups across the regions and beyond.”
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