Japan-based motoring services provider Park24 Group has set up a corporate venturing vehicle called Times Innovation Capital to make strategic investments in startups.
Park24 oversees around 15,000 car parks across Japan as well as a 38,000-strong fleet of cars that can be rented out and shared by its users. The unit will provide funding for seed-stage companies developing transportation infrastructure and services technology.
Times Innovation Capital has been established with ¥400m ($4m) but Park24 intends to eventually invest ¥3bn through the fund. Park24 plans to not only supply funding through the unit but also to cooperate with portfolio companies, offering a platform for management reosurces.
– Photo courtesy of Park 24 Co Ltd.