Naver is putting up 80% of the capital for SB Next Media Innovation Fund, which will invest in offerings compatible with its Snow and Webtoon subsdiaries.
Naver, the South Korea-based internet company that owns instant messaging platform Line, and Japan-headquartered internet and telecom group SoftBank have launched a ₩50bn ($42.6m) strategic investment unit, TechCrunch reported today.
Naver will put up ₩40bn of the capital for SB Next Media Innovation Fund while SoftBank’s SoftBank Ventures unit will put up ₩4.5bn and venture capital firm Korea Venture Investment ₩500m. The other ₩5bn will be supplied by undisclosed external investors.
The fund will look to invest in digital content…
