Japan's Gree rebrands as Strive, launches $137m fund
Japan’s Gree Ventures has rebranded as Strive and launched its third fund with a view to raising JPY15 billion ($137 million) for internet company investments across Japan, Southeast Asia, and India.
The firm said it had achieved a first close for the vehicle but did not disclose the amount raised. According to a statement, LPs include parent company and gaming developer Gree, Mizuho Capital, Mizuho Bank, and Organization for Small & Medium Enterprises and Regional Innovation (SMRJ). Fundraising will continue until the end of the year.
Strive’s second fund raised JPY7.5 billion in 2017 with support from SMRJ as well as several members of Mizuho Financial Group. Its debut closed at JPY5 billion in 2014. Deal targeting spans B2B enterprise software and B2C business models with a focus on e-commerce, media and financial technology. Check sizes typically range as high as $3 million but will reportedly extend to about $9 million with Fund III.
Founded in 2011 with a brief to make tech investments outside the scope of its parent company, Strive has backed about 60 companies to date and claims some JPY20 billion in assets under management. Portfolio companies include Sorabito, a marketplace for heavy machinery, and Retty, a social media-oriented restaurant guide. Last month, the VC invested in marketing technology provider Saleswhale.
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