The initiative is to help Chime broaden its revenue base and add “new services relevant to our client’s needs”.
Chime Ventures will invest in businesses that are all ready underway or entreprenurs with ideas still in development.
The unit is headed by co-founder of advertising agency VCCP Ian Priest. He will work with a panel of Chime experts and representatives from the wider communications industry to identify potential new businesses.
Entrepreneurs will then pitch their business plans to a panel of relevant experts.
Lord Bell, chairman of Chime, says: “In such a dynamic sector, organic growth isn’t just about growing existing business; it’s about adding new services relevant to our clients’ needs.”
Chime has just reported a jump of 40% for pre-tax profit to £26.5m for 2010.