Hearst Corporation's venture arm, Hearst Ventures, is making a minority equity investment in Science Inc, the Santa Monica, California tech startup creation studio. According to All Things D the deal is close to $30 million for a stake above 20 percent.
“Hearst is continually looking for smart investments that bring value and intelligence to the company — our investment in Science does both. We’re excited to partner with Science to continue its trajectory of success, gain meaningful industry knowledge and utilize Science’s platforms for current and future Hearst investments,” said Hearst CEO Frank Bennack.
Founded in 2011, Science Inc was funded with $10 million from Google Chairman Eric Schmidt’s Tomorrow Ventures, Rustic Canyon Partners and White Star Capital. We have covered Science several times in the past as they have created 13 startups in the last 18 months. We have had founding partners Mike Jones and Mike Macadaan speak at our events in DC, LA and most recently Las Vegas. You might also like the new Science website, which recently underwent a facelift which includes some fun and whimsical moving backgrounds. Source: All Things D.