Guardian Media Group has announced the launch of a new £42m media tech venture capital fund.

GMG Ventures, as the fund will be known, will seek to support early-stage businesses working on developing the next generation of media technology.

The fund will consider investments in a wide range of areas including artificial intelligence and machine learning tools for journalism; advertising technology, including new formats and fraud detection; technology used to enrich reader and customer experiences; payment technologies; and new forms of content distribution using VR, AR, audio and voice platforms.

GMG chief executive David Pemsel said: “In a rapidly changing media landscape, GMG Ventures will be an essential addition to the experience, skills and qualities of the Guardian, giving us access to the new ideas and innovation that entrepreneurs bring to the table.

“GMG Ventures will aim to secure investments in some of the very best new businesses emerging out of the media and tech space in the UK, US and Continental Europe.”

GMG ventures managing partner Alan Hudson added: “GMG Ventures is uniquely positioned to be a value-add investor. The Guardian is well-placed to understand the rapid changes to the news sector and the investment opportunities that disruption presents.”

The Guardian’s existing investment in Founders Factory will be managed by GMG Ventures.

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