Mitsubishi UFJ launches $100m Indonesia fund
MUFG Innovation Partners, a VC arm of Mitsubishi UFJ Financial Group, has launched its third fund alongside Bank Danamon Indonesia with a corpus of USD 100m. The fund will focus on Indonesia.
MUFG Innovation was set up in 2019 to support business alliances between MUFG Group companies and start-ups both in Japan and overseas. A debut fund of JPY 20bn (USD 155m) was set up that year. A second fund of the same size was launched in 2021.
Fund III will invest in companies that have strategic synergies with Danamon, a subsidiary of MUFG Bank and one of the largest commercial banks in Indonesia. Danamon hopes to enhance its product competitiveness, promote digitalization, and attract new customers through its investee networks.
MUFG Innovation is led by CEO Nobutake Suzuki, who started his career as a venture capitalist at Japanese VC firm Global Brain and joined MUFG Bank in 2018 as a managing director in charge of open innovation. The CIO is Takashi Sano, also formerly of Global Brain.
Financial technology is the core focus. Recent investment activity includes participation in USD 56m Series C round for Indian banking software provider M2P Fintech and a USD 86m Series C for Indian digital bank Jupiter. Last October, MUFG Innovation joined a USD 16m round for Nudge, a Japanese digital bank.
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