September 21, 2011 / 7:41 PM / 8 years ago

UPDATE 1-NTT, others start fund for Internet start-ups - Nikkei

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Sept 22 (Reuters) - A group of companies, including Nippon Telegraph and Telephone Corp , Gree Inc and NEC Biglobe Ltd, have launched a new fund that will provide early-stage venture capital to Internet start-ups, the Nikkei business daily said.

The companies investing in the new fund include the NTT wholly owned subsidiary NTT Investment Partners Inc, Gree, the NEC Biglobe wholly owned subsidiary Biglobe Capital Co, and Mitsubishi UFJ Capital Co, the paper said.

The new fund will raise a total of 2 billion yen ($26.2 million) in 2012 and invest the money in amounts of around 10 million yen per firm, targeting Internet start-ups that are less than a year old, the paper reported.

The focus will be on companies involved in areas like smartphone application development, Internet advertising and social gaming, the Nikkei reported. ($1 = 76.420 Japanese Yen) (Reporting by Soham Chatterjee in Bangalore)

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