B Dash Ventures, the venture capital firm backed by a host of Japan-based IT corporates, is raising a new $59m fund, VC news source The Bridge reported yesterday.
B Dash’s first $20m fund was formed in September 2011 and limited partners included Docomo Ventures, an investment subsidiary of mobile network operator NTT Docomo, internet company Gree, online marketing firm Septeni, internet service provider Biglobe, and financial services firm Mitsubishi UFJ Capital.
Hiroyuki Watanabe, CEO of B Dash, told The Bridge that it is targeting ¥6bn ($59.2m) for its second fund and has secured almost 50% of the cash. B Dash expects to close the fund by the end of 2014, and is open to letting more corporates join as LPs.
Watanabe said the second fund will seek to invest in middle stage companies, as well as the seed, early stage and later stage businesses B Dash has funded so far, and mobile-based companies will be a priority.
“I’m keeping my eyes on smartphone-based media startups like Gunosy and Iemo, as well as the other spaces like adtech, gaming, and e-commerce,” Watanabe said. “I’m sure that more new smartphone services will disrupt conventional businesses, so we’ll invest in various startups taking that approach.”