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INCJ joins Japanese companies to form $300m start-up fund

  • Andrew Woodman
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The Innovation Corporation Network of Japan (INCJ) has joined a consortium of 10 Japanese companies to set up a $300 million start-up fund to be managed by Silicon Valley-based venture firm WiL.

According to Nikkei, the fund is being backed by Sony, Nissan, All Nippon Airways, NTT Group, Isetan Mitsukoshi Holdings, Hakuhodo DY Group, Daiwa Securities, JVC Kenwood and Benesse Holdings. It will focus on start-ups both in Japan and Silicon Valley.

Sectors of interest include consumer electronics, e-commerce and big data technologies. Investments will range from $5 million to $50 million with 6-8 commitments made per year.

WiL was co-founded by Gen Isayama, who previously worked at VC firm Doll Capital Management (DCM), alongside Shinichi Saito - former CEO of Cyber Agent Ventures - and Masataka Matsumoto who co-founded PIM Corporation, which was acquired by Yahoo in 2000.

This is not the first commitment the government-backed INCJ has made to a tech-focused VC fund. In November the fund announced it would commit up to JPY10 billion ($98.7 million) to Global Brain No.5 Investment Limited Partnership, the latest vehicle launched by IT-focused VC Global Brain Corporation.

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