“We are not looking for the next Google. New acquisitions will benefit from our significant expertise, and will gain access to our existing customer base, which numbers over 200 million across existing networks.”
Who said it: Aleksey Reznikovich, CEO L1 Technology
In Context: A new player has entered the mobile and telecoms tech investment scene, namely Luxembourg-based Letter One Technology (L1 Technology) which has USD14 billion to invest. Targets are mainly in the telecoms sector, as well as startups and service providers that address the telecommunications industry, where the capital provider already has significant operator holdings. The announcement got a lot of press this week because the fund, which has many of the markings of a corporate venture capital fund, was created by the Russian oil billionaire Mikhail Fridman. He formed L1 with a team of industry executives, as well as PE and angel investors, whose names will be familiar to anyone that’s been working in or observing tech-related investing in the last decade.
Where we found it: Financial Times