Affle, a Singapore and India-based mobile and digital advertising technology company whose strategic investors include mobile advertising company D2C, software company Microsoft, general trading company Itochu and media conglomerate Bennett, Coleman & Co, is launching M2X, a corporate venturing fund.
The fund will amount to INR 20 crores ($3.3m) for its first year and launches on 1 October 2013. According to Affle, M2X has been established as a “mobile advertising & entrepreneurship development fund aimed at boosting the mobile ad market in developing mobile markets.”
The fund is aimed at brands, agencies, developers and entrepreneurs – “basically anybody who is building mobile assets, mobile ad campaigns or mobile advertising related intellectual property” – and has a special focus on mobile ad markets in India, Indonesia, Vietnam, Thailand, Malaysia, Philippines and Singapore.
For mobile developments and promotions, Affle will co-invest 50% of the project cost, while for mobile ad ventures, Affle will invest in exchange for equity ownership.