Best Buy poised to ax its venture capital unit

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By Thomas Lee, Star Tribune

Best Buy Co. Inc. is exiting the venture capital business. Over the past five years, the company’s venture capital unit — Best Buy Capital — had invested millions of dollars in eight early-stage start-ups with the hopes of exclusively selling new technology through its retail stores.

But as new CEO Hubert Joly redirects Best Buy’s resources toward core store and online operations, the company is winding down Best Buy Capital, according to two sources with knowledge of the situation. Best Buy officials declined to comment, except to say the unit still exists.”

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