We reported on IAC’s new venture arm in April…now some more details in MercuryNews on the unit headed by former Match.com CEO Jim Safka. The venture investing arm is called Primal Ventures and will officially launch in the next couple of weeks. Its goal: to incubate some companies, roll up others and find promising start-ups that it can bring into its fold.
Safka says he’ll be shopping first for wireless and video start-ups, companies in the jobs and recruitment category, and sites focusing on the consumer-content side of health care, the story says. As to how it will get into the deal flow, Safka says it has established “strategic relationships” with “five to 10” valley venture firms that he declined to name. “We’ll get plugged into their deal flow and we’ll get them plugged into IAC to share with them what our needs are.”
Also in the story: Some criticism about how IAC works with startups and how that may effect its investing activities as well.