Japan-headquartered television shopping group Japanet launched a $50m corporate venture capital fund yesterday in partnership with US-based venture capital firm Pegasus Tech Ventures.
Pegasus Tech will manage the fund, which will invest in Silicon Valley and other parts of North America, as well as in Israel, Europe and Asia. It will also seek out startups that could help Japanet build its planned Stadium City complex in Nagasaki, Japan.
Centred on a sports stadium due to open in 2024, the Stadium City project includes the development of mixed-use facilities such as business offices, retail stores, hotels and live event arenas.
Akito Takata, president and CEO of Japanet, said: “Using a venture fund, we would like to find cutting-edge startup technologies that we can use in the Nagasaki ‘Stadium City’ project, so that we can provide new services, such as child education, elder care, hospitality and other services that can help with the betterment of people’s lives.”
Anis Uzzaman, founder and CEO of Pegasus Tech, added: “By making the connection, both the startups and Japanet benefit.”
Pegasus Tech already runs corporate venturing funds for 35 companies including chemicals producer Taiyo. The corporations are able to have access to more than 180 Pegasus portfolio companies, such as SpaceX, 23andMe, SoFi, Bird, Color and App Annie.
