The Italian businesswoman who had a furious argument with Rupert Murdoch and quit as head of his European media interests after only 10 months in the job has emerged as one of the major shareholders in a new London-based internet venture capital fund.
Letizia Moratti, who is based in Milan, and the Guardian Media Group - owner of the Guardian newspaper - are the two largest shareholders in Spectrum Venture Management, which completed its first round of financing two weeks ago and is on target to raise a total of £35m by the end of the year.
Ms Moratti, 50, is known as a consummate networker and was described by Mr Murdoch as "a distinguished citizen ... known throughout the broadcasting establishment in Europe" before their disagreement about the company's strategic direction in September last year, when she resigned as president of News Corporation Europe.
Prior to working for Mr Murdoch she was chairman of Italian public broadcaster RAI.
Ms Moratti will act as an adviser to SVM, which hopes to invest in around eight net related start-ups each year and then help them devise strategies and business plans.
The impetus behind the fund has come from London-based Spectrum Strategy Consultants, which specialises in the internet and converging communication systems.
Spectrum's board is chaired by Lord Puttnam; its deputy chairman is Don Cruickshank, who is overseeing the government review of the banking sector. The founders of the online travel and entertainment firm, Lastminute.com - Brent Hoberman and Martha-Lane Fox - both previously worked for Spectrum.
Ross Fitzgerald, managing director of SVM, said: "As the first year marketing costs to successfully build internet businesses escalate beyond 10m, it is critical for entrepreneurs to rapidly create win-win marketing alliances with strategic corporates.
"SVM will provide its investee companies with access to Spectrum's worldwide network of corporate contacts to reduce marketing expenditure by up to a third."
Bob Phillis, the chief executive of Guardian Media Group, said: "We are delighted to be one of the founder investors in Spectrums' new fund.
"We view our participation as being an important part of our group's ambitious internet growth strategy."
Around 40% of the Spectrum group's investment is likely to be made in business to consumer start-ups, with the remainder in business to business companies.
