The Guardian has unveiled plans to launch a new £42m venture capital fund for media tech start-ups.

GMG Ventures will support the development of Guardian Media Group's core news business. It will back early-stage businesses focused on developing the next generation of media technology.

The fund will consider investments in areas including artificial intelligence (AI) and machine learning tools for journalism, advertising technology, payment technologies, new forms of content distribution and technology to enrich reader and customer experiences, among others.

GMG Ventures will be chaired by GMG chief executive David Pemsel while Alan Hudson, who joined GMG as chief investment officer in 2011, will become managing partner.

"In a rapidly changing media landscape, GMG Ventures will be an essential addition to the experience, skills and qualities of the Guardian, giving us access to the new ideas and innovation that entrepreneurs bring to the table," Pemsel said.

"GMG Ventures will aim to secure investments in some of the very best new businesses emerging out of the media and tech space in the UK, US and Continental Europe.”

Alan Hudson added: "GMG Ventures is uniquely positioned to be a value-add investor.

"The Guardian is well-placed to understand the rapid changes to the news sector and the investment opportunities that disruption presents.”

GMG has previously invested in start-up incubator Founders Factory, which will now also be managed by GMG Ventures.