Line, the Japan-based instant messaging service that filed for an initial public offering last month, announced a $100m fund yesterday that will invest in Japan-based mobile game developers.
Line Game Global Gateway will be launched next month and will be managed by the company’s forthcoming corporate venturing unit, Line Ventures.
The establishment of Line Game Global Gateway follows Line’s formation of a $10m fund in July in partnership with venture capital firm Collaborative Fund.
Line also revealed that it has acquired a 10% stake in Gumi, the Japan-based game developer that raised $49m in funding last month, for an undisclosed amount. Gumi is set to go public later this year in an IPO that is expected to value it at $1bn.
The launch of the new fund, combined with the Gumi investment, indicate that Line is looking to establish a bigger presence in the gaming market as it expands geographically. Its games have been downloaded 410 million times by its 490 million strong user base.
– Image courtesy of Line Corporation