Britain’s richest man Sir Len Blavatnik has joined with the owner of the Guardian to back video advertising start-up Vidsy.
Alongside GMG Ventures, the investment arm of Guardian owner the Scott Trust, Blavatnik took part in a US$16.5mln funding round by Vidsy, which creates ads for apps for social media platforms such as Instagram, TikTok and YouTube.
A Ukrainian emigre, Blavatnik is now best known as the owner of Warner Music and driving force behind streaming group Dazn and an unlikely bedfellow of the Guardian, which has been highly critical of the tycoon in the past.
In a statement to the Telegraph, GMG said: “The Scott Trust holds a range of investments, including through GMG Ventures – an early stage independent venture capital fund, set up to invest in start-ups that are at the intersection of media and technology. Guardian journalism is and has always been independent and free of any commercial consideration.”
GMG Ventures first invested in Vidsy in 2017 and backed it again during this latest funding round.
Blavatnik’s net worth was estimated at GBP23bn in May, which largely reflects the success of his purchase of Warner Music in 2011 with its value soaring as streaming has taken off.