Japan-based social network operator Mixi intends to form a ¥3bn ($28.4m) digital transformation vehicle in October this year, it announced on Friday.
Mixi Entertainment Fund will target startups that are working on digitisation technology for use in the live entertainment industry. The company intends to invest up to roughly $95m in this field, including the capital allocated to the latest fund.
In addition, Mixi has invested an undisclosed amount of funding in music, video, publishing and fashion-oriented startup studio Studio Entre, which will help the new fund source investment opportunities and carry out business development.
Mixi was founded in 1997 as job portal Find Job before rebranding to e-Mercury two years later. A social networking service, Mixi, was launched in 2004, which eventually became the company’s name.
The company set up i-Mercury Capital, an investment vehicle initially equipped with about $50m of capital, in 2013, to conduct corporate venturing deals in addition to mergers and acquisitions transactions on its behalf.
Mixi’s portfolio companies include healthcare management tool developer Welmo, part-time employment service Timee and Creema, the operator of a handmade product marketplace. It has also been a limited partner for venture capital funds including Chiba Dojo Fund, Genesia Ventures Fund II and 500 Startups Japan.
