Fenox launches $20m VC fund with Japan's Sega Sammy
Fenox Venture Capital, a VC firm based in Silicon Valley, has partnered with Japanese entertainment company Sega Sammy Holdings to launch a $20 million fund to invest in advanced technologies globally.
Sega Sammy has interests in a wide range of entertainment-related businesses worldwide, including in the gaming, toys, animation, and resorts. Its holdings include video game maker Sega Group. According to a release, the new fund will focus on start-ups with potential for strategic synergies with Sega Sammy's businesses.
Through the vehicle, Fenox will deepen its existing partnership with Sega Sammy. Fenox launched its first fund on behalf of the company in 2015, through which it has invested in companies such as US-based emotion recognition software developer Affectiva and artificial intelligence-enabled personal assistant X.ai.
The GP will also help Sega Sammy develop a new co-working space in Tokyo intended to help the partners expand their reach in the Japanese start-up ecosystem.
Fenox has backed a number of Asian technology start-ups, such as Indonesian fintech platform Moka, Japanese global outsourcing service developer Monstar Lab, and Thailand-based online fashion retailer Pomelo. The majority of the firm's business consists of VC funds which it manages on behalf of corporations from Asia, the US, Europe, and the Middle East that act as the sole LP.
Fenox's partnerships in Asia include Taiwan-based IT hardware manufacturer Wistron, personal electronics maker Asus, and Japanese automotive parts and systems maker Aisin Group. The firm's investment strategy involves leveraging the sector expertise and global networks of its LPs in order to drive growth in its portfolio companies, while helping its investors access innovative technology areas.
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