Hearst Ventures Invests $30 Million Into Science Inc.
Hearst Ventures is the investment arm of publication company Hearst Corporation. Hearst Ventures is making a minority investment in Science Inc., a Los Angeles based tech studio and incubator. Hearst is the sole investor in this round of funding. The investment is rumored to be worth a 20% stake for $30 million according to AllThingsD.
Science is working to create and scale several tech companies and they have launched 13 so far. Some of them include shaving blade delivery company Dollar Shave Club, clothing company TripleThread, and the $99 gaming console Ouya.
George Kliavkoff of Hearst Ventures will be joining Science’s board of directors.
“It’s clear to us that, while we have these brands that resonate with consumers, we think there are some learnings we can get from these guys that are hard to get in a big company,” said Scott Sassa, president of Hearst Entertainment & Syndication. “Being able to be nimble with insight and guidance is important for us.”
Science Inc. started in 2011 with $10 million in funding from several investors. The CEO of Science Inc. is former MySpace CEO Mike Jones. Before joining MySpace, Jones started and sold Userplane to AOL in 2006.