WPP’s new venture fund makes its maiden investment in Muzy

BRITISH advertising giant WPP said yesterday it has bought a stake in mobile content platform Muzy.

The purchase marks the first investment of last year’s newly formed WPP Ventures, whose aim is to find early-stage opportunities in new technology.

WPP’s new investment arm is headed by digital marketing agency AKQA chairman Tom Bedecarre, appointed to the position after Sir Martin Sorrell’s company acquired a majority stake in AKQA last year.

San Francisco-based Muzy launched in 2011 with less than 10 employees to provide a microblogging service.

It has already attracted over 20m users to share photos, drawings, text, and video.

The blog includes applications to edit pictures and text, combining services of other sharing platforms such as Tumblr and picture app Instagram.