Japan's Gree reaches $37m first close on second fund

Investors included the firm's parent, Mizuho Financial Group and other Japanese companies and financial institutions, according to a statement. The fund is expected raise a total corpus of about $60 million with a second close by the end of the year.

Launched in April of this year, the AT-II fund will make lead investments of $300,000 to $2 million per company, with a focus on internet start-ups at early and seed stages. It will target Japan, Southeaast Asia and India with a 10-year investment horizon. This geographic scope expands on the mandate of Gree's first fund, which targeted companies in Japan and Southeast Asia exclusively.

Established in 2011, Gree has made more than 30 investments and claims capital holdings of $100 million. Today's AT-II close coincides with an undisclosed commitment in Japanese sport media company Ookami and follows participation in a $4.6 million round for Japanese online marketplace operator Sorabito.

Last month, Gree's parent company launched a $12 million fund to support virtual reality start-ups developing both gaming and non-gaming content.

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• Topics
• North Asia
• Technology
• Fundraising
• GPs
• Japan
• Gree Ventures
• seed