Web Summit had become on of the largest tech conferences in the world. 2018 eevent was held in Lisbon, Portugal, and gathered around 2,000 start-ups and 1,500 investors.
Web Summit organization has filed with the U.S. Securities and Exchange Commission to create a $50 million venture capital fund called Amaranthine. This is reported by Financial Times.
Look, we help some companies in a really huge way for three days. What about the other 362 days?
CEO, Web Summit
The fund will be supported by the data, collected at the event, regarding which start ups gather the biggest interest among people and investors. Connections, which were established in 6 six years of around the world events, are being offered to the start ups.
When we talked venture capital 10 years ago, it was all about access to finance. It was a VC choice game. It’s not just about the capital any more, it’s about the value-add. Not all venture capital is created equal. At seed stage, it’s about transformational contacts like customers, advisers to board, building networks and customers.
Partner, venture capital fund Episode 1
As reported, Amaranthine will be headed by Patrick Murphy, previously of Goldman Sachs and Universal’s venture arm, and Web Summit co-founder David Kelly, according to its website and SEC filing.