DoCoMo and KTF Announce Venture Fund
NTT DoCoMo and KT Freetel just announced that in November they will set up a venture fund in Korea to invest in promising mobile and IT firms. Through the fund, DoCoMo and KTF expect to identify promising companies for tie-ups in technology and other opportunities in the mobile and IT sectors. The fund will will operate for six years, with an option for a two-year extension, and will be managed by KTBnetwork Co., Ltd.
DoCoMo and KT Freetel will each invest 13.5 billion won (1.7 billion yen), in the fund, named as KTF-NTT DoCoMo Mobile Investment Limited Partnership, each taking a 45 percent stake. KTBnetwork will invest 3 billion won (378 million yen) for the remaining 10 percent stake. Joint investment undertakings are one of the goals of the business and capital partnership agreement concluded between DoCoMo and KTF on December 15, 2005. Official announcement Here.