Tull's startup investing follows China's Dalian Wanda Group paying $3.5 billion for his studio. Following China's Dalian Wanda Group's acquisition of his studio for $3.5 billion earlier this year, Legendary Entertainment CEO Thomas Tull has decided to launch a personal venture capital fund.
Tull, as first reported by Fortune magazine, said he established the VC fund after personally investing in a series of early-stage startups.
"After talking to my business manager and accountants, we realized that if this were a professionally managed fund, it would be a decent-sized fund at this point, so we felt we should formalize this,” Tull said Wednesday at the Fortune Brainstorm Tech conference in Aspen, Colo.
His movie credits at Legendary include Godzilla, Inception, Jurassic World, Pacific Rim and the just-released tentpole Warcraft. But don't expect Tull's fund to start investing in film projects or other entertainment concerns.
"I have enough exposure already with Legendary, and have scratched that itch,” he said. The fund has instead placed bets on virtual reality company Oculus, media content site Players Tribune and medical startup Heal, among other new ventures.
Tull has personally invested around $5 million, and his VC fund has launched a first round of fundraising. "It’s one thing to throw a million bucks into something early and hope it gets better, but it’s another if you’re doing what I’m doing now, writing substantial checks, leading rounds and being very hands-on," he said.