Japan-based companies Nippon Telegraph and Telephone (NTT), Gree, Mitsubishi UFJ and NEC Biglobe have launched a corporate venturing fund to provide money to early-stage companies.
News provider Nikkei said the fund would raise Y2bn ($26m) and invest Y10m per start-up involved in smartphone application development, internet advertising and social gaming.
Phone operator NTT has been active in corporate venturing through its NTT Investment Partners subsidiary; online games developer Gree set up its own fund earlier this year and internet portal Biglobe has had its Biglobe Capital Company for strategic investments for at least three years, while Mitsubishi UFJ is one of the country’s largest financial services groups.