Japan-based venture capital firm Infinity Ventures has reached the first close of a $120m fund following commitments from corporates Mixi and Gree, it has told DealStreetAsia.
Internet company Mixi digital media company Gree are both limited partners in the firm’s fourth fund, the latter through its Gree Ventures subsidiary. Private investor Kotaro Chiba also contributed capital.
Founded in 2009, Infinity Ventures targets early-stage companies based in North Asia, with a focus on internet, e-commerce and financial technology developers.
The fund is expected to make early-stage investments in approximately 40 companies, providing between $1m to $5m in funding, though capital will be put aside to provide follow-on investments in series B and series C rounds.
Infinity’s portfolio companies include online wine retailer Wine in the Black, which was acquired by wine importer Viva Group in January 2019, as well as adtech developer Eyeota, photo blogging platform Fotolog and home stereo system producer Sonos.