Toho Bank, Yamada Business Consulting establish $10m VC fund
Japan's Fukushima-headquartered Toho Bank has established a JPY1 billion ($10 million) venture capital fund, along with Tokyo-based Yamada Business Consulting, to provide early-stage capital to Japanese businesses.
The so-called Toho Next Generation Support Fund has received JPY990 million in commitments from Toho with Yamada contributing the rest.
According to a release, the fund will invest in both start-ups and small- to medium- sized enterprises (SMEs) in need of growth capital. Part of this will involve targeting businesses that have been impacted by the expiration of Japan's debt moratorium law with a view to providing an exit for previous investors.
In addition, the fund will focus on investments in Fukushima - which bore the brunt of the 2011 earthquake and tsunami - to help revitalize the local economy. The fund has a 10-year life span with an investment period of around five years.
Toho Bank has also announced a JPY20 billion pool of capital - called the Toho Next Generation Support Loan - to provide loans of up to JPY300 million to early-stage companies based in Fukushima prefecture or with business partners there.
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