US-based public relations firm MWW Group has launched corporate venturing unit MWW Ventures and sealed its first deal.
The unit is led by the senior management team of MWW Group, according to the firm on Thursday.
Michael Kempner, president and chief executive of MWW Group, said: "The future of the communications industry will be defined by innovations that not only create value and relevance for our clients, but evolve how society as a whole interacts with the world around us. With a team of dedicated managers and partners, we look forward to pioneering the next-generation strategies, platforms and technologies for tomorrow’s effective communications campaigns."
The company has also backed BuzzMob, a location-based social media platform. MWW said it would invest firm resources and services in exchange for performance-based equity in the start-up, which launched in August 2010.
Ephraim Cohen, global head of technology and digital content at MWW, said: "MWW Ventures is all about the opportunity to invest in a start-up poised to drive more effective programmes for our clients and move our industry forward as a whole. BuzzMob is perfectly positioned to capture the need to form social networks around offline line events and, as a result, create new, more effective marketing opportunities for brands."