Every large multinational tech company has a VC arm, and Qualcomm is no exception to that rule. The money companies invest is partly as a hedge to hide behind, partly a PR exercise to show a firm has heard the 21st century mantra, “innovation” and sometimes it’s even related to technology a firm wants to push.
Qualcomm, like many other tech multinationals is seeking to diversify. And as part of this strategy, the firm has apparently put over $6 million into a Korean firm called MangoPlate.
MangoPlate is a service that helps you find restaurants.
According to the Korea Times, Qualcomm wants to help grow the Korean market and it believes that “food technology” has great potential for growth.
A director at Qualcomm VC told the newspaper that it believed MangoPlate “will become a new icon” in Korea.
MangoPlate slices and dices data from reviews and social networks to provide potential diners with a place they’d like to go. The Qualcomm Ventures web site shows dozens of firms it’s put money into.
More well known companies it’s invested in in the past include Paypal.