British pounds

MMC delivers GBP50m exit with Base79 sale

Fri, 25/07/2014 - 06:33

MMC Ventures-backed Base79 is to be sold to Rightster Group in a GBP50 million deal.

MMC invested in Base79 co-founders, Ashley Mackenzie and Richard Mansell, from an early stage in March 2010, and since then MMC has supported the company as a shareholder and board member in their journey to become one of Europe’s leading online video companies.
 
MMC invested in three rounds of funding, including a growth round investment led by The Chernin Group in 2012.
 
The sale will see Base79 become part of a combined business that will be the fourth-biggest YouTube multi-channel network audience in North America and the number one multi-channel network outside of North America. The deal will also see many of Base79’s team become senior executives in the new business, including Patrick Walker, Base 79’s Chief content officer and a former senior director of YouTube EMEA.
 
Rory Stirling, partner at MMC Ventures, says “MMC Ventures have long believed in Base79, their team and technology, and are proud to have invested in the company from an early stage. The online video market has experienced huge growth and changes since we first invested in 2010 and the acquisition of Base79 by Rightster Group plc is great testament to the team’s market leading position. We wish the team every success and look forward to watching their continued growth.”


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