Naver unveils US$43 million fund to seek content for subsidiary Snow


AP

SEOUL — South Korean internet giant Naver Corp. has unveiled a US$43 million fund with Softbank to invest in content and technology startups.

Kim Chang-wook, chief of Naver’s wholly owned subsidiary Snow, said Monday that he will seek technology companies that can add fun and twist to its video app. Akin to Snapchat, Snow has been one of the most popular social media apps among young Asians.

The fund will support creators of videos and online cartoons using virtual reality or other technologies, said Lee Joonpyo, a director at Softbank Ventures Korea.

The Snow CEO will serve as an adviser along with chief of Naver Webtoon that distributes mobile friendly comics.

The fund marks the latest attempt by Line messenger app’s parent group to invest in startups for its global push.