GMO Venture Partners, the corporate venturing vehicle for Japan-based internet company GMO, has launched a portfolio support initiative with financial consulting service Money Forward Synca.
As part of the scheme, the unit has set aside ¥3.5bn ($32.1m) from its GMO Global Fintech Fund to support portfolio companies facing economic uncertainty due to the Covid-19 pandemic.
The Novel Coronavirus Recession Prevention Program will help GMO-backed companies in financial and management aspects, providing advice on equity fundraising, mergers and acquisitions and business development while utilising GMO and Money Forward’s insights.
Founded in 2005, GMO Venture Partners targets advertising technology, e-commerce and enterprise software startups based in Asia and the US. It currently has $170m under management and its portfolio includes 148 companies.
GMO Global Fintech Fund was formed in June 2018 to focus on financial technology developers but will now also cover internet companies developing innovative technology or business models with potential for global business expansion.
GMO Venture Partners has already selected two fintech startups that are set to receive funding through the new scheme, one of which had just been founded by a serial entrepreneur, it said.
Money Forward was one of the unit’s portfolio companies before it went public in 2017, and it participates in GMO Global Fintech Fund as a strategic partner.
