Japan's Anri hits $102m first close on latest VC fund

The government-controlled Japan Investment Corporation (JIC), Mizuho Bank, and gaming company Gree came in as LPs. All three participated in Fund IV, which closed on JPY 25bn last year with additional contributions from Development Bank of Japan, Dai-ichi Life Insurance, and social media company Mixi.

Fund III closed on JPY 6bn in 2017 with a similar mix of primarily local corporate and government capital. Funds I and II closed on JPY 400m and JPY 2bn in 2013 and 2014, respectively. Total assets under management come to JPY 53bn, including a cleantech sector fund targeting JPY 10bn that hit a JPY 4.3bn first close in January with backing from JIC.

“Against the backdrop of an ever-weakening economy, we launched Anri Fund V with the aim of backing early-stage start-ups, regardless of the business sentiment, by fully capitalising on our strength in offering continuous aid to entrepreneurs from their seed to early stages,” the VC firm said in a statement.

It is planned that at least 20% of the corpus will go to women-led businesses. This goal was introduced in 2020 as part of a diversity and inclusion agenda, with Fund IV going on to be 20.4% invested in women-led start-ups as of June 2022.

Anri has gradually transitioned from a focus on internet-related businesses toward more deep-tech-oriented projects, including a significant interest in university spin-offs. It claims that after six years of focusing on deep-tech, the strategy has begun to deliver positive outcomes.

The firm currently operates incubation centres in Shibuya – Tokyo's largest start-up hub – and near the University of Tokyo in Hongo. There is a plan to merge these two facilities in early 2023 with a view to creating the largest VC firm-managed incubator in the country. It will be housed in Tokyo’s Roppongi Hills Mori Tower, which also hosts the likes of Apple, Google Japan, and Gree.

Recent investment activity includes participation in a JPY 15bn Series C round for credit card issuer Upsider and a JPY 1.8bn Series B for Gitai, which develops general-purpose work robots for the space industry. Gitai’s robots are humanoid and controlled remotely with goggles and hand sensors.

Earlier this month, Anri joined a JPY 2bn Series A for SmartBank, a start-up that provides prepaid Visa debit cards and household budgeting apps. The VC arm of Mizuho Bank is also an investor in SmartBank.

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• Topics
• North Asia
• Fundraising
• Venture
• Technology
• Japan
• Japan Investment Corporation (JIC)
• seed