Hearst Takes Stake In Science
As part of a larger effort by Hearst Corp. to prepare for the next digital shift, its investment arm, Hearst Ventures, has made a minority investment in tech studio Science.
“We plan on using Hearst assets to help Science portfolio companies, and Science portfolio companies to help Hearst assets,” said Scott Sassa, president of Hearst Entertainment & Syndication, which oversees Hearst Ventures.
The size of the investment was not disclosed, but unconfirmed reports put the figure in the range of $30 million.
Founded in late 2011, Los Angeles-based Science acts a quasi-incubator for promising tech start-ups.
Science has already helped start 13 companies, including Dollar Shave Club, a subscription service and e-commerce platform for men’s razors; DogVacay, an online peer-to-peer marketplace for pet owners and dog sitters; and Uncovet, a recommendation engine for offbeat clothing and design items.
Led by CEO Mike Jones -- who previously served as CEO of Myspace -- the studio had already received $10 million from Eric Schmidt’s Tomorrow Ventures, Rustic Canyon Partners and White Star Capital.
As part of the investment, George Kliavkoff, EVP and deputy group head of Hearst Entertainment & Syndication, is joining the Science Board of Directors.
Along with Science, Hearst Ventures has taken minority stakes in online video distribution company Brightcove; streaming radio service Pandora; social media monitoring service HootSuite; and the publisher BuzzFeed.