Chrysalis backs online startups

Chrysalis Radio is attempting to take advantage of the brain drain from traditional to new media startups by setting up a fund to back bright ideas.

The group recently raised £27 million through the issue of shares on the stock market to invest in internet startups and expand the group’s web activity

The first to benefit will be two Chrysalis employees who quit the group last week to set up an internet business with the financial support of their former employer.

Keith Pringle and Ande Mac-Pherson are to launch a website called Ride The Tiger. The new venture is intended to be a music and lifestyle site and is due to launch in the summer.

Pringle was formerly group programme director for Chrysalis Radio’s Heart and Galaxy brands. He joined Galaxy Radio in 1994 and has worked in commercial radio for nearly 20 years.

MacPherson was head of Chrysalis Radio Online, which launched a website for Galaxy and Heart in the autumn.

Pringle and MacPherson have received £4 million in investment from Chrysalis, giving it 65% stake in the new business.

The station, under chief executive Phil Riley, is now looking for a new group programme director.

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