After the success of the first BlackBerry Partners Fund, RIM has created a second venture capital fund with $150M to be invested in “mobile computing” initiatives. This second fund has a more global mandate than the first fund, which saw some pretty cool acquisitions such as SocialDeck by Google. It should be interesting to see which companies get backed by this fund, which is relatively large in dollars. Hopefully RIM will be creating a third fund in the near future and keep the cash flowing to cool new companies that need it.
UPDATE: Just to be clear, the fund doesn’t go live until June 2011.
Research In Motion Makes Lead Commitment to Second BlackBerry Partners Fund
WATERLOO, ONTARIO – February 14, 2011 – Research In Motion (RIM) (NASDAQ:RIMM)(TSX:RIM) and the BlackBerry(R) Partners Fund today announced that RIM is making a lead commitment to BlackBerry Partners Fund II, a new US$150 million independent venture capital fund focused exclusively on mobile computing. BlackBerry Partners Fund II is expected to launch in June 2011 and will have a broader international mandate than the first Fund.
“We are very pleased with the positive impact of the first Fund on our mobile ecosystem and we look forward to BlackBerry Partners Fund II bringing additional resources and support to mobile innovators in a broader range of international markets,” said Jim Balsillie, Co-CEO at Research In Motion.
“We are very fortunate to have RIM as an anchor investor and partner in our Fund and greatly anticipate expanding our reach and the geographical scope of Fund II,” said John Albright, Co-Managing Partner of BlackBerry Partners Fund.
The first BlackBerry Partners Fund was established in 2008 in collaboration with Research In Motion, Thomson Reuters, Royal Bank of Canada and a roster of high profile investors. The Fund has made 13 investments to-date in mobile start-ups in Canada, the United States, Israel and Ireland. The Fund brings capital, resources and domain expertise to the partnerships it forms with exceptional entrepreneurs around the world who are shaping the future of the mobile eco-system.