Drone Fund, the Japan-based venture capital firm that targets unmanned aerial vehicle technology, has secured several corporates as limited partners for its second fund, The Bridge reported today.
The firm invests in developers of technology centred on unmanned aerial vehicles, or drones, and is targeting between ¥3bn and ¥5bn ($27m to $45m) for the fund’s final close, which is slated to take place at the end next month.
Telecommunications firm KDDI, game producer Sega Sammy, price comparison platform Aucfan, engineering consultancy Japan Asia Group, education provider Leave a Nest and Canal Ventures, the investment arm of systems integrator Nihon Unisys, are among the fund’s limited partners.
The LPs also include financial services firms Mizuho Bank and Bank of Fukuoka, the latter through its FFG Venture Business Partners unit; KSK Angel Fund, the VC vehicle for footballer Keisuke Honda; startup hub Mistletoe and the founding family of motor manufacturer Mabuchi Motor.
The fund was officially launched in July 2018 and follows a $9m first fund closed in June 2017 that was backed by Canal Ventures, FFG, Aucfan, Japan Asia Group, Mistletoe and Leave a Nest, according to The Bridge, which said Drone Fund has so far invested in 20 companies.