Founder of Japan's Beenos launches $60m Asia VC fund
The founder of Japanese e-commerce company Beenos, Teruhide Sato, has a launched a $60 million venture capital fund that will support internet and mobile start-ups in India, Southeast Asia, Japan and the US.
Beenos, which was formerly known as Netprice.com, said in a regulatory filing that it would contribute $5 million to the Beenext No.1 Fund. Sato is identified as founder and managing partner of the Singapore-based GP.
Beenos said part of its investment rationale is to access innovative e-commerce-related companies in the US and emerging markets. The company, which was founded in 1999 and went public in 2004, has backed a string of start-ups in India, Southeast Asia and Turkey as well as more developed economies like Japan and the US.
It lists 28 companies in its investment portfolio, eight of which are based in Southeast Asia, five in India, six in the US, and six in Japan. Beenos has participated in funding rounds for the likes of Indonesian and Indian e-commerce platforms Tokopedia and ShopClues, and Philippines-based payments business Ayannah.
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