Japan messaging app Line launches $42m investment fund
Japanese messaging app developer Line Corporation has launched a JPY5 billion ($42 million) investment fund to invest in start-ups.
The fund, known as Line Life Global Gateway, will be managed by Line Ventures, a corporate VC arm under the parent. It will support companies operating online-to-offline (O2O) business models as well as those in e-commerce, online payment, media and entertainment, according to a statement.
This is part of a wider effort through which Line is transforming itself from a messaging app into a lifestyle platform. Recent investments include MixRadio, Japanese game developer Gumi and South Korea's 4:33 Creative Lab Games Studio.
Line was originally created for the Japanese market by South Korea's Naver Corp. after the 2011 earthquake and tsunami in northeastern Japan destroyed telephone services. The app, which now claims to have over 181 million monthly active users, makes money by selling valud-added services such as stickers, games, free voice and video calls, and photo and video sharing.
Revenue for the fourth quarter of 2014 came to KWR221.7 billion ($204 million).
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