Japan's Mitsui Fudosan launches VC fund with Global Brain

The 31 Ventures Global Innovation Fund I is Mitsui Fudosan's first corporate venture vehicle and it will participate in Series A and pre-Series A rounds for start-ups in the US, Europe, Israel and Asia. Technology, life sciences and real estate are the principal areas of focus.

Mitsui Fudosan said in a release that it wants to provide fully integrated venture capital services, including capital, working space, strategic support and market access. 31 Ventures was set up last year - as a "venture co-creation department," although its activities are broadly in line with those of traditional accelerators - to serve this purpose.

The parent company wants to help create new industries that will sustain and expand its core business. As part of these efforts, Mitsui Fudosan will make LP commitments to third-party funds in addition to setting up the corporate venture capital unit. It has already backed funds managed by 500 Startups and Draper Nexus Ventures. The former is US-focused while the latter targets the US and Japan.

The company has also established alliances with the Entrepreneurs Roundtable Accelerator, in New York, and NUS Enterprise, an ASEAN-focused entrepreneurship program that is part of the National University of Singapore.

Global Brain pursues seed and early stage investments, mostly in the IT, medical, telecommunications and cleantech sectors.

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