Telecommunications equipment supplier L.M. Ericsson Telephone Co. has partnered with a group of investment companies to form a US$300 million venture capital fund targeted primarily at mobile Internet ventures and technologies.
Merrill Lynch Co. Inc., AB Industrivärden and Investor AB are the other founding members of the fund. The four partners will each contribute $75 million to the fund, named Ericsson Venture Partners, which is scheduled to be operational by October this year, Ericsson said in a statement Wednesday.
With a focus on Europe and North America, the fund aims to spread its investments across a broad range of mobile Internet technologies, including applications, network infrastructure and services. The fund will set up offices in both Stockholm and New York, Ericsson said.