CyberAgent Ventures, the corporate venturing arm of Japan-based internet company CyberAgent, has launched a $2.5m seed fund, Tech in Asia reported yesterday.
The fund, dubbed Seed Generator, formalises the application process for startups applying for funding from the $50m corporate venturing fund CyberAgent launched in June this year. It will make individual investments of up to $100,000 from the fund.
Eligible startups must be based in Japan and have been operating for less than a year. They need to have hired a minimum of one engineer, though there are no prerequisites on which industry the company is focusing. Startups cannot use the funding as initial capital.
Applications can be made online and are followed by either a private meeting or a discussion of the investment at a Breakfast for Founders event.
In addition to funding, CyberAgent is also offering access to mentors which include chief executives from its other portfolio companies, such as online language course provider Crowdworks, online marketplace Tokopedia and local restaurant ordering service Retty.