Naver to contribute 99 billion won to venture capital fund
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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.
Questions & Answers
Q.What is the total value of the new venture capital fund?
What is the total value of the new venture capital fund?
The total value of the venture capital fund is 100 billion won. Naver is contributing 99 billion won, with TBT providing the remaining 1 billion won to establish TBT Global Growth No. 1 Investment Cooperative.
Q.What is the purpose of this new fund?
What is the purpose of this new fund?
The fund is intended to identify and support companies that demonstrate growth potential in the global market. It is devoted to fostering and investing in promising start-ups.
Q.Who founded TBT, the venture capital firm involved?
Who founded TBT, the venture capital firm involved?
TBT was founded by Lee Ram, a former CEO of Camp Mobile, and another executive. Camp Mobile was a mobile app development subsidiary that merged with Naver earlier this year.
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