US$150 Million Venture Fund to Develop Mobile Applications

Research In Motion (RIM) and Thomson Reuters have announced plans to launch a US$150 million venture capital fund, to invest in mobile applications and services for the BlackBerry platform and other mobile platforms. The Fund is to be co-managed by JLA Ventures and RBC Venture Partners.

The BlackBerry Partners Fund will not restrict the development of mobile applications and services to any single mobile platform or any specific industry segment.

"The mobile world has evolved well beyond phone calls and simple messaging to require more empowering and liberating solutions that connect people to everything that matters most to them, wherever and whenever they want," said Jim Balsillie, Co-CEO, Research In Motion. "RIM, RBC and Thomson Reuters share the common belief that mobile applications and services will propel the industry forward and the BlackBerry Partners Fund is being formed to help fuel innovation and activity in the mobile ecosystem."

"The BlackBerry Partners Fund will focus on evaluating companies in all regions of the world and investing in the long term success of those that demonstrate market leadership and unique differentiation," said John Albright, Managing Partner of JLA Ventures, who will also assume the role of Co-Managing Partner of the BlackBerry Partners Fund. "Whether it's access to corporate data or the latest craze in mobile entertainment, we want to fund companies that are forerunners in driving adoption and further enriching the mobile experience."

The BlackBerry Partners Fund is a US$150 million venture capital fund being formed to focus on applications and services for the BlackBerry platform and other mobile platforms including mobile commerce (payments, advertising, retailing and banking), vertical and horizontal enterprise applications, communications, social networking, location-based applications and services (navigation and mapping), media and entertainment, and lifestyle and personal productivity applications.

Posted to the site on 12th May 2008