A Texas venture capital firm has pledged $50 million toward the start of an Orange County-based holding company that’s set to buy online media businesses.
Austin Ventures, which manages some $3 billion in investments, said Tuesday it’s set to fund online startup veteran Sherman Atkinson, who’s forming Atcor Holdings Inc.
The new company, based in Aliso Viejo, will focus on buying startups in online advertising, marketing and digital media.
Atkinson most recently served as chief operating officer of Los Angeles-based Intermix Media Inc., the public company that owned MySpace.com before it was bought by News Corp. in 2005.
Before that, he held a similar post at Aliso Viejo’s Buy.com Inc., which hosts an online store that competes with Amazon.com Inc.
Atkinson is set to be Atcor’s chief executive.
Atcor is already reviewing interesting acquisition opportunities, he said in a statement.
