Japan’s Incubate Fund forms $92m Internet of Things vehicle
Tokyo-based early-stage VC firm Incubate Fund has raised JPY11 billion ($91.2 million) for a vehicle that will support Japanese companies involved in the Internet of Things (IoT).
LPs include government-controlled Innovation Network Corporation of Japan (INCJ), Yahoo Japan, Sumitomo Mitsui Banking Corporation, China's Tencent Holdings, Sega Sammy Holdings, Mistletoe, Tokyo Broadcasting System Holdings, Mixi, and Development Bank of Japan, according to a filing. Nikkei reported that the INCJ contribution will be JPY5 billion.
The fund will have a 10-year term and target a range of industries along the IoT axis, such as next generation media, entertainment, games, e-commerce, logistics, healthcare, financial services, real estate and automobiles. IoT is by is nature a broad church, often used as a catch-all for devices that facilitate communication and data collection within the existing internet infrastructure.
Founded in 1999, Incubate Fund has invested JPY28.1 billion in more than 200 companies since inception, with a particular focus on smart phone-related technology, social media and data and analytics. In 2010, it won backing from Chinese tech player DeNA and raised JPY3 billion for its first incubation investment fund the same year.
A successor vehicle, with a broader LP base, closed in early 2013 at JPY2 billion.
More on Fundraising
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.