At a conference last November hosted by the London-based financial advisory firm First Capital, Simon Levene, Yahoo’s managing director of corporate development, said that in reaction to moves made by Google Yahoo plans to enter the venture capital market. Said London-based Levene to the audience at one point, “Folks like Yahoo will be competing with you for deals.”
In fact, someone from Yahoo will be competing with other VCs very directly for deals. Levene will join Accel Partners this October. The VC firm invests from a London-based firm. In an email to contacts yesterday, Levene disclosed that after four “great years” at the search giant, where he oversaw Yahoo corporate strategy development and transaction activities worldwide, he is joining the venture industry. Prior to Yahoo, Levene was VP of business affairs at AOL Time Warner, where he led joint ventures, investments and M&A activities internationally.
Levene is taking the next seven weeks off, but we’ll update you on the move as we learn more.