Japan's Anri leads $27m round for start-up lending platform
Japanese venture capital firm Anri has led a JPY 3.6bn (USD 27m) Series D round for local start-up lending platform Funds.
Funds brands itself as a B2C social lending platform that connects individual investors with both start-ups and listed companies. As of the end of February, there were 73,000 registered users on the platform. They have access to about 280 funds worth JPY 30bn.
The idea, in part, is to resolve systemic challenges in Japan’s late-stage start-up space, including shortfalls in pre- and post-IPO funding. Many VC firms in the country have observed a tendency for premature IPOs due to a late-stage gap, while inaccurate underwriting has resulted in shares popping post-IPO by 40% on average, versus 10-20% in most markets.
Funds aims to support the ecosystem by providing retail investor-driven debt financing for start-ups facing these issues. It hopes the Series D capital will allow it to circulate some JPY 110trn of household savings into start-ups, according to a statement.
The business was launched in 2019 as a service provided by Crowdport. The company appears to have since abandoned the Crowdport brand.
Global Brain, Hanwha Asset Management, B Dash Venture, Cygames Capital, FFG Venture Business Partners, Mitsubishi UFJ Capital, Itochu Technology Ventures, Mercuria Investment, and Mizuho Capital also participated in the latest round.
They were joined by Mizuho Bank, Rakuten Securities, Chiba Bank, Shoko Chukin Bank, and Sumitomo Mitsui Trust Bank. Mizuho Bank is an LP in Anri’s fourth and fifth flagship early-stage funds.
Anri was founded in 2012 with a strong focus on internet-related businesses, although it has gradually tilted toward deep-tech and university-linked projects. Its fifth fund reached a first close of JPY 14bn on a target of JPY 40bn last July.
The VC firm was active in financial services last year, when it joined a JPY 2bn Series A led by Global Brain for debit card issuer SmartBank. Mizuho Capital is also an investor in SmartBank.
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.