Industrial and fruit acid product manufacturer Fuso Chemical has made a limited partner commitment to Future Food Fund, a corporate venture capital (CVC) vehicle for Japan-based online supermarket Oisix Ra Daichi.
Formed in October 2019, Future Food Fund is managed by the CVC unit of the same name set up two months earlier. Its CEO, Kohei Matsumoto, and fund manager Yasuo Murata are overseeing the vehicle, which will target startups focusing on food, agriculture and healthcare innovation.
The fund’s LPs already include corporates such as fast food restaurant chain Mos Burger, broadcaster TV Tokyo Direct and Toyota Tsusho, the trading subsidiary of carmaker Toyota.
K4 Ventures and SMBC Venture Capital have also contributed to the fund, on behalf of energy utility Kansai Electric Power and financial services firm Sumitomo Mitsui Banking Corporation respectively, while Daiwa Food & Agriculture represented brokerage Daiwa Securities.
Fuso Chemical will collaborate with Future Food Fund’s foodtech-focused portfolio companies, which include specialised food subscription service providers Snaq.me and MiL, as well as Nihon-Agri, which concentrates on exporting domestic agricultural products.
