CORRECTED-Japan chat app Line to set up fund for developing mobile games

Wed Aug 6, 2014 6:02am EDT

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(Corrects second paragraph to clarify that venture has not yet been established)

TOKYO Aug 6 (Reuters) - Line Corp said on Wednesday that it is investing 10 billion yen ($97.5 million) in a new mobile game development fund, as the Japan-based social messaging service firm seeks to bolster its gaming sector and expand its overseas business.

The company said it will establish Line Ventures to run the new gaming fund LINE GAME Global Gateway. The new fund will allow Japanese mobile game developers to receive financial assistance in developing mobile games.

Line's corporate parent is South Korean online portal operator Naver Corp. (1 US dollar = 102.5600 yen) (Reporting by Teppei Kasai; Editing by Chris Gallagher)