Media and advertising group AOI Tyo committed $5m yesterday to an Asia-focused fund managed by Spiral Ventures, the Singapore-based venture capital firm formerly known as IMJ Investment Partners.
Spiral was formed in 2013 by digital services provider IMJ Corporation prior to the latter’s acquisition by media provider Culture Convenience Club the following year.
IMJ was bought by professional services firm Accenture in 2016, and the fund rebranded to Spiral Ventures in March 2017 following a buyout from its management. It had raised $45m at that point for a Japan fund expected to close at $54m.
Spiral is targeting $50m for Spiral Ventures Asia Fund I, according to an August 2017 report by DealStreetAsia. The fund will invest up to $100,000 at seed stage and $1m in early-stage rounds, with larger investments reserved for growth and pre-IPO stage.
Japan-listed AOI Tyo made the investment as part of a growth strategy that seeks to increase the corporate’s international presence by forming relationships with Asia-based VC investors.