Japan's CyberAgent raises $55m for latest VC fund
CyberAgent Capital, a unit of Japanese advertising agency CyberAgent also known as CyberAgent Ventures, has raised JPY6 billion ($55 million) for its third flagship VC fund.
No details regarding the fund’s backers have been disclosed, although the GP did indicate in a statement that the capital was raised from third-party sources rather than its parent organization.
Fund II was set up in 2014 with JPY5 billion with no disclosed LP support. Fund I secured JPY2.5 billion in 2012 with backing from a mix of government, financial, and corporate investors, including CyberAgent.
CyberAgent primarily invests at the early stages, including seed stage, with a focus on internet-related start-ups. It has backed more than 350 companies since its inception in 2006, 50 of which have listed on the Tokyo Stock Exchange.
The firm, which has nine offices in Asia and one in the US, primarily targets Japan and Asia but said it expects to increase global investment with the latest fund.
Standout historical activity overseas includes investments in Indonesia’s Tokopedia, which recently merged with super app Gojek, and Korean internet giant Kakao. As early as 2014, Cyberagent backed Korean food delivery business Woowa Brothers, which was recently the subject of a $4 billion acquisition.
CyberAgent claims to leverage unique networking resources related to its geographically dispersed team. In addition to Tokyo and San Francisco, there are bases in Shanghai, Seoul, Taipei, Bangkok, Ho Chi Minh City, and Jakarta. Supporting international expansion is a core value-add proposition. The firm also stages monthly pitch events for portfolio companies as a way of helping them concentrate on their core business rather than raising their next round.
There have been several fundraisings outside the flagship series. These include Asia Internet Fund I and II ($20.1 million and $11 million, respectively), which focus on Southeast Asia. There is also a $5 million vehicle for Korea and a $19 million Greater China fund set up in partnership with fellow Japanese VC JAIC.
CyberAgent’s debut reached a final close of JPY3 billion in 2004, before formally establishing a VC unit, with the parent company contributing half the corpus.
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