Sprint Nextel Forms VC Unit

Sprint Nextel has officially opened a venture capital arm, and has already invested in one unnamed company and will look to complete three to five deals a year. The VC arm, Sprint Ventures, is headed by Scott Ford. Sprint Ventures won’t disclose the size of its investment fund, but Ford said it would be a subset of Sprint Nextel’s annual $100 million “innovation fund” for internal and external projects.

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