According to software company SAP AG, it would be allocating over USD650 million to its new venture fund. SAP Ventures Fund II would be funding early-stage startups, indicating how corporations had picked up the role in backing young companies in the world.
Chief executive Nino Marakovic of SAP Ventures said in an interview, "We want to be known as the best fund to come to when an entrepreneur wants to go from proven product to really scale that product."
Although SAP Ventures had been set up independently, most of its investment comes from the software giant. The venture fund would reportedly be SAP's tool to get an early look in ideas from startups that could help develop its software business.
The new venture fund, with its sizeable nvestment, would now be in the same league with big-fund firms like Battery Ventures, Bain Capital, Lightspeed Venture Partners and Canaan. The firms had raised funds in the USD600 million range just this year.
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