Velocity Interactive, Best Buy Form Digital Media Fund

Los Angeles-based venture capital firm Velocity Interactive Group, the venture firm headed by Ross Levinsohn, said this morning that it has renamed itself Fuse Capital, and entered into a strategic partnership with Best Buy through a new, digital media fund. According to the firm, Best Buy will be the sole limited partner in the new venture capital fund, which will focus on investments in digital media companies. Size of the new investment fund was not disclosed. According to Velocity Interactive, the new digital media fund will complement Best Buy's current digital media and emerging technology investments. The fund described its target investments as digital media companies focused on categories such as "music, video, games, and personal media management."