As the old saying goes: you're only as good as your last deal.
Well, it looks like this is the case with Albie Hecht. His former gig was the president of Nickelodeon, where he helped to bring to life such franchises as "SpongeBob SquarePants" and "Dora the Explorer."
But, Hecht thinks he still has the creative instincts – and so do some big-time investors. This week, he
announced that his two-year old firm, Worldwide Biggies, snagged $9 million in funding from
GE's (NYSE:
GE) NBC, Hearst, Alan Patricof, Platform Equity and PrismVentureWorks.
Basically,the focus of Worldwide Biggies is on digital entertainment (and user interactivity). And, yes, the demographic is on the youth market.
And, it already looks like the big media companies are taking notice of the space. After all, last week,
Disney (NYSE:
DIS) agreed to purchase Club Penguin for $350 million.
So, once again, it looks like Hecht is at the right place at the right time.
Also, if you want to check out more recent venture capital fundings, click
here.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.