Beenext raises $160m for emerging markets, Japan funds

LPs include US institutions, Japanese corporations, family offices, and individual investors. Beenext Emerging Asia Fund is a $110 million vehicle that closed above its target. A separate $50 million fund will focus solely on Japanese software-as-a-service (SaaS) start-ups.

Areas of interest for the emerging markets fund include e-commerce, fintech, healthtech, agritech, edutech, and artificial intelligence. Beenext expects at least half of the corpus to be deployed in the Indian start-up ecosystem. The firm claims to have invested in more than 70 companies in the country.

“COVID-19 has impacted every aspect of global business, but we continue to see start-up founders pushing the boundaries to not only survive but thrive in this environment. The relentless attitude of founders will mean that solutions for a post-COVID world will also come from them,” said founder Teruhide Sato, according to a statement.

Beenext has backed over 180 start-ups worldwide, including businesses in Africa and Canada. It will seek to support founders in Asia by connecting them with peers in its network.

The firm was established by Sato, the founder of Japanese e-commerce company Beenos, in 2013. The parent company is listed in Tokyo and also invests and develops internet technology companies in Japan and overseas. Beenext has previously raised three funds including a vehicle dedicated to SaaS deals.

This year, the Singapore-based firm has invested in nine companies. The portfolio includes logistics platform LoadShare, digital payments player BharatPe, and real estate marketplace NoBroker in India, Indonesian education provider Zenius Education, Vietnamese e-commerce platform Sendo, and Southeast Asia-focused fashion marketplace Zilingo.

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• Topics
• Southeast Asia
• North Asia
• Fundraising
• Venture
• Technology
• Beenext Capital Management
• India
• TMT