South Korean immigrants Lee, 43, and Hwang, 33, will remain actively involved, while Schultz will help set strategy and seek out top executives. Neither the founders nor Maveron will have a majority stake, because another chunk of equity will be devoted to stock options for employees.
Maveron had been courting Pinkberry since November, as have many other venture capital firms and wealthy individual investors. Lee said he wouldn't reveal the famous names who wanted to invest, "for their own good."
Nine-year-old Maveron, which is currently investing its third, $600-million fund, is unusual in that it looks for hot consumer brands instead of emerging technologies. Its hits include EBay Inc., Drugstore.com and Web photo site Shutterfly Inc.
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joseph.menn@latimes.com
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Mixed flavors
Other investments by Maveron, co-founded in 1998 by Starbucks chief Howard Schultz, and the year it invested
Cranium, 2003: Board game developer from Seattle, founded by Microsoft executives
Drugstore.com, 1999: Online pharmacy, also based in Washington state
EBay, 1998: Largest Internet-based auction and shopping site
Motley Fool, 1999: Investment advisor, publisher of columns and newsletters
Potbelly Sandwich Works, 2001: Pioneer chain of hot sandwich shops with seven stores at that time, now 170
Shutterfly, 2006: Online provider of digital photo products and services
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Sources: Hoover's, Times research
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Los Angeles Times
