US-listed messaging service Snap has set up an accelerator to invest in startups or creators that want to build media projects for mobile devices.
The accelerator, Yellow, will invest $150,000 into 10 different creators or startups in return for an equity stake of undisclosed sized.
Snap will not require accelerator participants to work with the company exclusively, according to news provider Recode.
The company has already done this with at least one startup, Recode said. Vertical Networks, a content company majority-owned by Elisabeth Murdoch, the daughter of 21st Century Fox Chairman Rupert Murdoch, publishes on Snapchat’s Discover section its brands like Brother and shows like Phone Swap.