Watertower Ventures Raises $5M Investment Fund

Los Angeles-based Watertower Ventures has raised a new, $5M investment fund, which will focus on companies in the Internet infrastructure, next-generation e-commerce, digital media, gaming, augmented reality and artificial intelligenec, and consumer Internet areas. The fund, led by longtime technology advisor Derek Norton, is backed by a long list of local LPs from the digital media, entertainment, and technology areas. Norton said the fund will invest $100,000 to $500,000 in startups, and will invest in what it calls "first insitutional capital" fundings, right after friends and family investments. Norton is head of digital media and technology advisory firm Watertower Group.