Paul Allen gets out wad, plans investments in Silicon Valley firms
Mothership full of money sets down in Palo Alto
Microsoft co-founder Paul Allen is dipping into his billionaire pockets for an office in Silicon Valley to make new investments in emerging tech and internet companies.
The office will be part of Allen's Vulcan Capital, the investment arm of Vulcan, which manages the former Redmonder's personal $15bn fortune.
The Palo Alto-based office will reportedly bet on internet, software and emerging tech firms, investing at the middle, late and pre-IPO stages rather than in startups. It will make investments in the $10m to $100m range, according to Vulcan.
Vulcan also announced that Abishek Agrawal, formerly at global growth equity firm General Atlantic, would be running the office and "focusing on expanding the firm's investments in the internet and technology sectors".
Allen has been investing in tech firms since the mid-80s, after leaving Microsoft when he was diagnosed with a cancer that was subsequently successfully treated. He's currently Forbes' 53rd richest person in the world, following investments in firms like AOL, DreamWorks and Ticketmaster. ®