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Japan's Mitsui backs $100m VC fund in Israel

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Japan’s Mitsui & Co has invested in Israel-based Magenta Venture Partners’ debut fund, which is targeting $100 million and to date backed entirely by Japanese corporates.

Partners in the firm include Mitsui directors Atsushi Mizuno and Hiroshi Takeuchi, as well as Ori Israely and Ran Levitzky, two Israeli venture capitalists. Other investors in the new fund include automotive-focused Koito Manufacturing.

"Our name, Magenta, is a blend of blue and red – the colors of the Israeli and Japanese flags," Israely said in a statement. "Our fund is financially focused, but we look to invest in start-ups that not only look for capital but also seek value driven by the team's experience in Japan, EU and the USA."

Magenta will focus on early-stage investments in areas including automotive, mobility, artificial intelligence, smart cities, smart manufacturing, enterprise software, and financial technology. It will focus on Israeli companies with a view to helping them expand internationally, especially into Japan.

Mitsui has been active in venture capital in Israel since 2010. Early investments in the country include Valens Semiconductor, EyeSight Mobile Technologies, and Kaiima Bio-Agritech. Mizuno, who relocated from Japan to Israel in 2010, was involved in all three deals.

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