IMJ targets $53m for Japan venture fund
Singapore-based IMJ Investment Partners has raised JPY2 billion ($17.7 million) for a venture capital fund that will back start-ups in Japan. The full target is JPY6 billion.
According to a statement, IMJ Investment Partners Japan Fund I has already begun investing and targets primarily Series A rounds or later. The firm is interested in technologies that disrupt large existing industries such as financial services, healthcare and education, as well as the development of new industries, including artificial intelligence, the internet of things, robotics and block chains.
A final close on the new fund is expected before the end of the year. Investment efforts will be led by Tomokazu Okuno and Hiroshi Oka, representative partner and partner, respectively.
IMJ Investment Partners, which was a unit of Japanese digital marketing business IMJ but is now independent, has until now focused on Southeast Asia. In turning its attention to Japan, is following the likes of Rakuten Ventures, which recently launched a JPY10 billion fund targeting start-ups in the country. The VC arm of e-commerce giant Rakuten previously looked beyond Japan.
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