Naver, the Korean Internet content provider, has teamed up with Japan's Softbank Ventures to raise a global investment fund, called the "SB Next Media Innovation Fund," of $50 billion KRW (US$42.8 million; US$1=$1,168 KRW) to boost its local content services such as Snow and Webtoon, reported Business Korea on November 16. Naver will invest $40 billion KRW (US$34.2 million) while Softbank Ventures will spend around $4.5 billion KRW (US$3.9 million). Meanwhile, Korea Venture Investment will also put into $500 million KRW (US$428,082) and the remaining $5 billion KRW (US$4.3 million) will be collected from other foreign companies. The fund will be used to nurture media and content creation startups that have VR (Virtual Reality) and AR (Augmented Reality) technologies and services linked to online comics, videos and mobile games.