Accel Partners, KKR Form Financial Venture
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Financial terms were not disclosed.
The new company, Accel-KKR Internet Co., will be composed of leading executives from brick-and-mortar and Internet businesses. The joint venture will also invest in companies looking to merge the Internet and physical assets and will provide them not only with capital but also with better access to management expertise and networking opportunities.
Accel and KKR agreed to provide equal amounts of initial funding to the joint venture. Late, other partners may be invited to participate in a second round of financing. Accel and KKR will each name three members to the new company's board of directors. Accel's Board members will be Jim Breyer, Arthur Patterson and Theresia Ranzetta. KKR will be represented by Henry Kravis, George Roberts, and Marc Lipschultz.