Silicon Valley venture capital firm Luminari nabs USD8 million funding from British Sky

By VCPOST Staff Reporter

Nov 16, 2013 03:36 AM EST

British Sky Broadcasting Group PLC (Sky) today announced that it has invested USD8 million in new Silicon Valley venture capital firm Luminari Capital. 

The London Evening Standard said that Sky granted the funding because it seeks to increase its exposure to US startup companies. 

Luminari Capital is based in Menlo Park, which also houses social media giant Facebook and at least 59 other companies. The venture capital firm is under the leadership of Daniel Leff, who is also a board member of streaming player manufacturer Roku. 

According to a London Evening Standard report, Sky currently has no operation in the US but is eager to stay on top of TV and web trends and as competition heats up from Netflix to BT. 

Sky said in a statement that the Luminari deal would place it in a better position to partner with startups in the US. 

Sky chief executive Jeremy Darroch has already invested in other startups, including USD12 million in Roku and USD2 million in video-streaming company 1 Mainstream. Darroch also bought a 10% stake in London-based app company Zeebox, the London Evening Standard said.

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