A corporate venturing unit of Japan-based internet company CyberAgent has launched a fund specialising in Japanese internet start-ups.
CyberAgent Ventures was raising money from corporates and investors for CA Startups Internet Fund I, and the fund was set to reach Y2bn ($26.1m) by year end, CyberAgent said.
The fund will invest in companies which enter the business start-up business plan competition run by CyberAgent and other start-ups. The move looks set to mark a significant increase in the capital of CyberAgent Ventures, which currently has Y360m, according to its website. The corporate venturing unit was set up in 2006.
Cyberagent, the parent company, was founded in 1998 and listed on the Tokyo Stock Exchange in 2000. It has grown from a start-up to a Y96.6bn revenue company since its founding.