Communications company Telefónica has announced the launch of Amérigo, a €300m ($377m) network of venture capital funds.

Telefónica plans to invest an initial €68m ($85m) in the next five years. The firm expects the initial capital will generate an estimated €1bn ($1.25bn) worth of business projects.

The fund, which is promoted by Telefónica Digital, will act as an accelerator for promising and innovative tech companies, primarily targeting companies outside venture hotspots like Silicon Valley and London. At first, the fund…

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