Gree Ventures, the corporate venturing unit owned by Japan-based social networking company Gree, has reached the first close of its second fund at $50m, according to Tech in Asia.
The fund, called AT-I Investment Limited Partnership, was backed by Gree Ventures’ corporate parent, as well as Mizuho Capital and Credit Saison, both of which are units of Mizuho Bank, state-backed entity SME Support Japan and game developer Ateam.
Gree Ventures will continue fundraising and plans to announce a second close in the next three months. The fund will operate in a similar manner to its first fund, making series A investments sized roughly between $1m and $3m in companies outside the gaming sector, and investing across several markets in East Asia.
Ronan Hand, a Gree Ventures spokesman, told Tech in Asia: “While we’re still interested in Indonesia and Singapore, we’ll also be broadening our field of view to take in Southeast Asia as a whole, particularly markets like Thailand and the Philippines.”