This is an interesting addition for Advancit Capital, the investment firm launched two years ago by Shari Redstone, who runs National Amusements and happens to be the daughter of (and could be a successor to) Viacom and CBS Chairman Sumner Redstone. Jonathan Miller is a big league player: He was considered for the top job at Yahoo last year after having served as News Corp’s Chief Digital Officer, CEO of AOL, and founding partner of investment company Velocity Interactive Group. He’s now a partner at Advancit, which focuses on early stage investments. “Against this backdrop of rapid evolution in the digital media space, we’re here to help great entrepreneurs build amazing companies,” Miller says today. In addition to investing cash, Advancit says it looks for opportunities to help “talented and passionate entrepreneurs” in media, entertainment and tech by offering a “deep network of industry relationships and strategic support.”
Ordinarily I wouldn’t be especially interested in today’s news about a $1.1M seed round investment in Skift, a business travel information site. But I thought differently when I saw the list of media biggies backing the young enterprise from Paid Content founder Rafat Ali. Lerer Ventures — the investment firm created by Huffington Post co-founder and former AOL Time Warner EVP Ken Lerer — led the latest financing effort. Other new backers include Shari Redstone‘s Advancit Capital. New angel investors include Martin Nisenholz (former New York Times SVP digital operations) and Paul Noglows (former Variety reporter-turned-analyst/investor). Current investors include Chris Ahearn, former president of Reuters Media; Gordon Crovitz, former publisher of the Wall Street Journal; Tom Glocer, former CEO of Thomson Reuters; and Jason Hirschhorn, former co-president of MySpace. With the new investment, Skift will have raised more than $1.5M, with plans to double its staff to produce news and services for business travelers. “At a time when investors are leery of both travel companies and content companies, Rafat and the Skift team have created a model that’s immediately viable and valuable,” says Lerer Ventures Managing director Eric Hippeau.