BBH Global, a UK-based advertising agency, has set up a corporate venturing fund with venture capital firm Spark Ventures.

The Black Sheep fund is trying to raise £10m ($16m) over the next three months.

Adam Arnold, Partner at BBH, said: "The Black Sheep Fund is a venture between Zag (BBH’s brand invention business) and Spark Ventures.

"The background is increasingly obvious: there is a dearth of seed funds for start-ups. The thing we spotted was that the next big digital business is just as likely to come from new entrepreneurs – and that is why we set up this fund."

As well as invest money, the fund will develop the start-ups’ brands.

Arnold said: "We call it ‘creative capital’. We aim to invest this creative capital in businesses that intersect consumers, technology and content. Examples would include smart new social tools, disruptive e-retailing concepts or contagious GPS games."

Although the…

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