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Communispace CEO Joins Investment Fund Launch

July 18 2012
Internet veteran Scott Savitz has launched a $50m venture capital fund called Data Point Capital, with a team of investors which includes Diane Hessan, the founder and CEO of online research community builder Communispace - sold to Omnicom last year.

Diane HessanSavitz previously launched retail site Shoebuy.com, prior to which he set up a full service marketing agency, and worked at investment bank BancBoston Robertson Stephens. His new fund will provide investment to firms across a range of sectors including mobile, gaming, social networking, online payment solutions, comparison shopping and e-commerce.

Hessan (pictured), who sold Communispace to Omnicom last year for a reported $100m, comments: ‘Clearly, Scott was looking to create a team that collectively brings tremendous experience with all aspects of the Internet. I am looking forward to working with people who are jazzed to leverage their skills, inspire entrepreneurs, and have a positive impact, while still having some fun.’

Other investors include the Lars Albright co-founder of mobile ad platform SessionM; Fred Bertino, founder of marcoms group MMB; Desh Deshpande, who founded bandwidth management solutions firm Sycamore Networks; Steve Papa, founder of business intelligence specialist Endeca; Alan Phillips who founded location-based mobile media firm Where.com; and Jim Salzano who is President of shoe retailer Clarks Americas.