NTT DoCoMo and KT Freetel launch wireless fund

 

NTT DoCoMo Inc. and KT Freetel Co. Ltd. announced plans to start a $33 million venture capital fund next month that will back mobile and IT firms in South Korea and Japan. The new vehicle will be managed by South Korean venture capital firm KTBnetwork Co. Ltd. South Korean mobile carrier KT Freetel and Japanese mobile carrier NTT DoCoMo will each provide about $14.5 million of the joint fund, with the balance, worth a 10% stake, contributed by KTBnetwork. The vehicle will operate for six years, with an option for a two-year extension. KTF and DoCoMo agreed on a strategic alliance in December 2005, with DoCoMo becoming the second-largest shareholder in KTF by acquiring a 10% stake in the company for $561 million. - George White

See Oct. 10 press release
See December 2005 story from TheDeal.com

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