Taiwan's Acer to launch $34m VC fund
Taiwanese computer maker Acer has established a NT$1 billion ($33.5 million) venture capital fund to invest in start-ups, with a view to strengthening the group’s technology development as well as generating financial returns.
Stan Shih, Acer's founder, told local media that the firm has hired a new executive from outside the company as the investment director for the fund.
"Acer has failed to make sufficient long-term investments over the past ten years, leading to the difficulties we are facing today," Shih said.
The fund, which focuses on companies that will benefit to Acer's supply chain, is expected to make its first investment by the end of this year.
Acer posted a net profit of NT$485 million in the second quarter this year, compared with net profit of NT$1 million in the first quarter and a year-earlier net loss of NT$343 million. Revenue fell to NT$81.34 billion from NT$89.38 billion a year earlier.
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