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Winklevoss twins launch cloud computing-focused venture firm

1 May 2012

Failed Facebook litigants and rowing double-act the Winklevoss twins have launched their own venture firm claiming cloud computing is the next big thing.

The pair, who unsuccessfully attempted to sue Facebook founder Mark Zuckerburg for $140m after claiming he stole their idea, are planning angel investments in small start-ups.

Cameron Winklevoss told CNBC’s Squawk Box the pair were hugely keen on focusing on cloud computing companies, but said it was important to find the right deal in an already overcrowded market.

He said, “I think the key is a company that is taking a unique or innovative approach to it or shifting the paradigm…Then, also, it’s definitely the team behind it.

“You have to look at the people that are behind the product, who they are, what their background is, do they have a track record of success?”

He cited YottaByte as a potential investment for the brothers.

At the other end of the scale Facebook is preparing for the largest technology IPO in history, which could raise up to $5bn for the social networking site.

That would value the company at about $100bn, putting it about $96bn below Google’s current market cap.

Copyright © 2012 AltAssets


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