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Sky to invest $4M in Israeli VC fund, open Berlin office

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Sky to invest $4M in Israeli VC fund, open Berlin office

Sky PLC is stepping up efforts to support technology startups by investing US$4 million in Israeli venture capital fund Remagine Ventures and open a new office in Berlin.

The funding deal with Remagine Ventures will enable the British pay TV giant to tap into the capabilities of Israel's startups in areas such as technology, entertainment, data and commerce.

Meanwhile, Sky's upcoming Berlin office will look for startups in Germany and the Nordic region.

Sky said it invests in tech startups to support its growth and innovation strategy. It currently targets companies based in central and northern Europe and Israel.

The company formed a startup-focused team in London in 2012 and eventually opened a San Francisco office in 2014. It has so far made investments in streaming video technology provider Roku Inc., over-the-top technology startup 1Mainstream, video services supplier Elemental, TV rights distribution The RightsXchange Ltd. and the Drone Racing League.

Sky is the subject of an ongoing bidding battle between 21st Century Fox Inc. and U.S. cable giant Comcast Corp.