Eight Roads launches $223m Japan fund
Eight Roads Ventures, the proprietary investment arm of Fidelity International, has launched its second dedicated Japan fund with a corpus of JPY25 billion ($223 million). The firm’s parent committed all of the capital.
The vehicle will focus on companies in the technology sector – particularly financial technology and emerging technologies – along with healthcare, according to a release. It follows the launch of the firm’s debut $250 million China healthcare fund earlier this year. Eight Roads is also planning a dedicated China technology fund as well as other funds within the next six months.
Eight Roads – formerly known as Fidelity Growth Partners – launched its first Japan fund in 2015 and has backed 21 companies, mainly in the technology space with some exposure to healthcare. Its portfolio companies include wheelchair and personal mobility device developer Whill, mobile payment and credit service Paidy, restaurant booking app Toreta and online content developer Port.
Eight Roads mainly makes growth-stage investments but will consider participating in earlier rounds if it feels the company offers a unique business model or can benefit from the firm’s value-add strategy.
US-based sister firm F-Prime Capital Partners – formerly known as Fidelity Biosciences – is a frequent co-investor in Eight Roads’ healthcare deals. Both have firms have significant exposure to India, through portfolio companies such as PlasmaGen Biosciences, Core Diagnostics and Medwell Ventures.
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