Japan-based telecommunications company KDDI is set to acquire two companies after investing in a further five, equating to an investment of approximately ¥12bn ($113m), Nikkei reported on Thursday.
The two companies set to be bought by KDDI are Nanapi, a provider of crowdsourced online tips that had raised $2.7m from Globis Capital Partners in July 2013, and photography app creator Bitcellar, which raised $5m in 2012 from investment firm Jafco.
KDDI has also invested undisclosed amounts in five additional Japan-based companies, one of which is Luxa, a group buying site that previously raised $13.3m. Approximately $3.3m of that funding came from KDDI in October 2013, adding to $10m invested by Jafco.
The other four are social calendar app developer Jorte, music and comics online news source Natasha, fashion-oriented social network Vasily and gaming information website AppBroadcast.
KDDI committed almost $50m to its Open Innovation Fund in July, following the initial $50m it originally put aside for the fund in 2012.