The McClatchy Co. said Tuesday it has invested in Matter, a San Francisco venture capital firm that focuses on media startups.
Sacramento-based McClatchy, which owns The Sacramento Bee, is joining the Associated Press, A.H. Belo Corp. and Community Newspaper Holdings Inc. in the investment in Matter, a three-year-old firm that provides capital, incubator space and a five-month “boot camp” for young media companies. The firm operates out of an office near South Park in San Francisco and has a portfolio of 19 investments.
“In the midst of our company’s own digital transformation, Matter and the startups it nurtures and will provide ideas, innovation potential new business models for successful media companies of the future,” said Pat Talamantes, McClatchy’s president and chief executive, in a prepared statement. Terms weren’t disclosed.
Matter was founded three years ago and already has the backing of KQED, the John S. and James L. Knight Foundation and Public Radio Exchange.
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Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.