Sony partners Japan's Daiwa for $186m VC fund
Sony has joined Daiwa Capital Holdings, a subsidiary of Japan’s Daiwa Securities Group, for a JPY20 billion ($186 million) VC fund targeting start-ups in high growth industries.
The Innovation Growth Fund (IGF) has already reached a first close of undisclosed size, with contributions from LPs such as Sumitomo Mitsui Banking Corporation and Osaka Shoko Shinkin Bank, according to a release. The fund will be managed by Innovation Growth Ventures (IGV), established jointly by Sony and Daiwa.
Sony's corporate venture arm, Sony Innovation Fund, was formed in 2016 and has conducted more than 40 investments worldwide, with offices in Japan, North America, and Europe. IGF is intended to expand this remit by allowing more and larger commitments to innovative technology companies, while Daiwa plans to leverage its financial expertise to help portfolio companies pursue public listings and collaborations with listed companies.
"By harnessing the various resources of Sony and Daiwa Securities Group, IGV aims to support the business growth of portfolio companies and thereby increase investment returns," said Gen Tsuchikawa, representative director at IGV. "Furthermore, by supporting collaboration between the portfolio companies and third parties, we also hope to contribute to the promotion of open innovation."
Traditional securities is Daiwa's core business, but the firm's portfolio also includes PE and VC strategies. Recent commitments include the fourth fund of Japan-based Infinity Ventures and a vehicle established by China Investment Corporation last year to support Japanese companies looking to expand into China.
More on North Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.