Asia News: DoCoMo and KT Freetel set up mobile/IT venture fund in Korea

Asia News: DoCoMo and KT Freetel set up mobile/IT venture fund in Korea

NTT DoCoMo and KT Freetel have announced that in November they will set up a venture fund in Korea to invest in promising mobile and IT firms.

The fund will be managed by KTBnetwork Co.

NTT DoCoMo and KT Freetel will each invest 13.5 billion won (¥1.7bn) for a 45% stake each in the fund, named KTF-NTT DoCoMo Mobile Investment Ltd Partnership. KTBnetwork will invest 3 billion won (¥378m) for the remaining 10% stake.

Through the fund, NTT DoCoMo and KTF expect to identify promising companies for tie-ups in technology and other opportunities in the mobile and IT sectors.

The fund will operate for six years, with an option for a two-year extension.

NTT DoCoMo is a mobile communications company serving about 53 million customers, including 40 million FOMA™ subscribers.

KT Freetel is the second-largest operator in Korea, serving more than 13 million customers. KTF is dedicated to exploring open-ended possibilities and opportunities for mobile communications, digital convergence and wireless data services.


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