KPN bought mobile company Blau Mobilfunk in 2008 from Dirk Freise, Martin Ostermayer and Thorsten Rehling and the three have now decided to set up Fastlane Ventures in Germany with the phone operator's backing.

Netherlands-based phone operator KPN has cornerstoned the debut venture capital fund from three entrepreneurs having bought one of their start-ups.

KPN bought mobile company Blau Mobilfunk in 2008 from Dirk Freise, Thorsten Rehling and Martin Ostermayer (pictured, left to right) and the three have now decided to set up Fastlane Ventures in Germany.

Although the exact fund size is unknown, Fastlane – which is separate to a VC firm of the same name based in Russia – has reportedly raised…