RIM launches iFund-like VC scheme $150 million for mobile apps

12 May 2008 10:44 GMT / By Amy-Mae Elliott

RIM, RBC and Thomson Reuters have announced plans to launch the BlackBerry Partners Fund, a $150 million venture capital fund, to invest in mobile applications and services for mobile platforms.

The BlackBerry Partners Fund is not just for RIM's own BlackBerry platform but is designed to "advance the industry by fostering development and driving the entrepreneurial spirit to create the most innovative mobile offerings for customers".

"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."

Areas eligible for the fund include 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.