Sinai tech and media VC funds raise $600m

Los Angeles-based Sinai Capital Partners raised more than $600 million across two funds that are investing in technology and media.

A tech-focused venture capital firm, Sinai Ventures, just closed on $500 million, while media fund New Slate Ventures added $100 million, bringing its total assets under management to $800 million.

“Much like the entrepreneurs we back, Sinai believes the adoption of technology presents a global opportunity to change lives for the better,” said Sinai Managing Partner Jordan Fudge. “To that end, we are mission-driven to discover teams building impactful companies across the world.”

Incubated in a multi-billion-dollar family office, Sinai Ventures currently has more than 85 portfolio companies, including Pinterest, Carta, Roman Health, Compass, Unqork and Hippo Insurance.

Sinai Partner Zach White added, “We have long been dedicated to the thesis that the power of technology is the key to creating a more prosperous future. Sinai is singularly dedicated to supporting founders with large ideas that are looking to make meaningful changes in the communities we live, work and invest in.”

Moving forward, Sinai Ventures will look to invest across all stages, with a targeted focus on growth-stage and pre-IPO companies. At $500 million, Sinai Ventures III, L.P. is the single largest venture fund in Los Angeles history, officials said in an announcement.

Meanwhile, New Slate Ventures finances and produces films, documentaries and television programs with stories that are “intersectional, inclusive and culturally impactful.” The fund aims to expand its holdings and grow its business “by capitalizing on stories with authentic connections to drive its audiences to action.”

Fudge, White and Jeremy Allen are the partners leading the charge at New Slate, and their efforts are starting to bear fruit despite the challenging environment. The 24th, which tells the story of the Houston riot of 1917, was an official selection at this year’s SXSW, but the premiere was cancelled as the spread of COVID-19 nixed the April festival. The film, written and directed by Kevin Willmott (who shared with Spike Lee an Academy Award for Best Adapted Screenplay for BlacKkKlansman), was released through video-on-demand in August.

The Lena Waithe-produced comedy The 40-Year Old Version, starring Radha Blank, did premiere at the Sundance Film Festival pre-pandemic; it won the U.S Dramatic Competition Directing Award but didn’t make it to theaters and was released last month by Netflix.

The United States vs. Billie Holiday is expected to be the first New Slate-funded production to receive a theatrical release. Directed and co-written by Academy Award-nominated filmmaker Lee Daniels (Monster’s Ball, Precious), the Billie Holiday biopic is scheduled for release in February 2021 by Paramount Pictures.

Two New Slate-funded titles are currently in development. The first is an untitled documentary focused on the life and careers of NBA legend and entrepreneur Earvin Magic Johnson; the second is an untitled Michael Milken limited series to be written by Terrence Winter of The Wolf of Wall Street and The Sopranos.

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