Japan-based venture capital firm I-Nest Capital has closed its first fund at ¥6.6bn ($61m) having secured commitments from backers including corporates Power Solutions and NTT Docomo.
IT services firm Power Solutions and mobile network operator NTT Docomo were joined by financial services firm Mizuho Bank and Fuji Startup Ventures, a corporate venturing vehicle for media company Fuji TV.
The limited partners were filled out by Mizuho Securities Principal Investment, which represents investment bank Mizuho Securities, and the Japanese government’s Organization for Small & Medium Enterprises and Regional Innovation.
I-Nest concentrates on investments in the entertainment and lifestyle sectors, and intends to allocate 25% of the capital to seed investments and the rest to later-stage deals.
The fund, oversubscribed from its initial target of ¥5.5bn, has already made its first investment, backing Secure, a developer of artificial intelligence-equipped security technology, in December 2019.
