Booker Prize finds new funder in billionaire Sir Michael Moritz
The Booker Prize will be funded by venture capitalist Sir Michael Moritz for the next five years after the Man Group, the previous sponsor, withdrew.
He went on to join Silicon Valley venture capital firm Sequoia Capital, investing in companies including Google, LinkedIn and PayPal.Sir Michael said:"Neither of us can imagine a day where we don't spend time reading a book. The Booker Prizes are ways of spreading the word about the insights, discoveries, pleasures and joy that spring from great fiction.
The couple founded Crankstart in 2000 to support and organise scholarship funds for university students from low-income families.The corporate sponsorship market is notoriously difficult for fundraisers working in the arts sector. Brands aren't exactly queuing up to pour cash into exhibitions, fancy extensions, and annual prizes.
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