Leading agency CAA steps into the competitive venture capital arena

CAA Ventures into Capital Investments

CAA is stepping into the competitive realm of venture capital, where the odds can be daunting—one successful investment often means facing multiple losses.

Back in 2020, the influential agency dipped a toe into the investment pool by partnering with New Enterprise Associates (NEA) under the banner of Connect Ventures. Now, the two organizations are transforming Connect into a fully operational venture capital firm, with seasoned Silicon Valley professionals stepping in to lead, as reported exclusively by Page Six Hollywood.

Nicole Quinn, a former partner at Lightspeed Ventures known for backing Gwyneth Paltrow’s Goop, will head this new venture alongside Michael Blank, a CAA executive who previously led earlier Connect efforts.

CAA Chairman Jim Bartson expressed to Page Six Hollywood that bringing Quinn onboard was essential for establishing credibility in the investment sphere. “Without Nicole, we wouldn’t have reached this point or been able to make this announcement,” he remarked.

Bartson is optimistic about this fresh direction. He believes that diversifying into new business domains, along with having a presence at the intersection of technology, commerce, and culture, holds benefits for their core operations. Interestingly, he stated that this doesn’t mean they’ll offer preferential treatment to their startup clients. “Nicole and Mike are building a company and prefer not to be constrained by CAA,” he noted.

Quinn highlighted that their firm will focus on sectors where CAA excels, particularly health and wellness, sports, media, and entertainment. Their initial investments include TMRW Sports, co-founded by Tiger Woods and Rory McIlroy, and Music.AI, known for its audio applications like AI Studio and Moises.

“AI is already part of our landscape and it’s here to stay,” Blank pointed out. “One of our missions is to help connect people from different industries who might have reservations or concerns.”

Connect Ventures will primarily operate from CAA’s Century City headquarters. Adam Friedman will serve as a venture partner, spending around half his time on Connect, while also sitting on its Board of Directors.

While both Blank and Quinn were tight-lipped about the size of their fund, they indicated plans to invest between $5 million and $15 million per opportunity, aiming to lead or co-lead early-stage rounds like seed funding and Series A.