DoCoMo and KT Freetel to Launch Korean Venture Fund
By Joseph Weisenthal - Wed 10 Oct 2007 10:56 AM PST
Operators NTT DoCoMo (NYSE: DCM) and KT Freetel will launch a new venture fund in Korea focusing on startups in the mobile and IT industries. Each company will invest 1.7 billion yen ($24.6 million), for a 45 percent stake in the fund. The remaining ten percent will come from Korean investment group KTB Network, which will manage the fund. Part of the venture’s purpose is to identify promising opportunities for technological tie-ups in both sectors. Earlier this summer, DoCoMo invested $10 million in a similarly-focused fund in China. This fund has a planned life of six years, with an option for two more. Release [via Wireless Watch Japan]
Posted in: Companies, Operators, DoCoMo, Countries, Asia, Korea, Money, VC M&A
