Naver to contribute 99 billion won to venture capital fund

Naver is contributing 99 billion won ($88 million) to a 100 billion won venture capital fund devoted to fostering and investing in start-ups, the top internet portal announced Tuesday.

The fund is being launched by TBT, a venture capital firm founded by Lee Ram, a former CEO of Camp Mobile, a mobile app development subsidiary that merged earlier this year with Naver. TBT is coughing up the remaining 1 billion won to create TBT Global Growth No. 1 Investment Cooperative. The fund is meant to find and support companies with growth potential in the global market.

TBT was established at the end of August by Lee and another executive with capital of 2 billion won.