Tencent, the China-based provider of the QQ instant messaging service, has set aside RMB5bn ($760m) to invest in technology start-ups through the launch of its Industrial Win-Win corporate venturing fund.
The launch is the second biggest inaugural corporate venturing fund of the past year following Korea Telecom’s $830m fund last summer.
Ma Huateng (pictured), chairman of Tencent, which is in turn backed by South Africa-based media group Naspers’ corporate venturing unit, said the initiative would finance young but upcoming companies that can help Tencent better serve its users.
He said the first phase would focus on areas such as online games, social networks, wireless internet, e-commerce and new media over the next two to three years.
Tencent has already developed its model through investing in Russia-based internet holding group Digital Sky Technologies.