Japanese financial services firm Hiroshima Bank has partnered with venture capital firm Hiroshima Venture Capital and formed a ¥2bn ($14.1m) fund.
Dubbed Hirogin Innovation Fund, the initiative will back companies developing financial and related technologies that help revitalise regional economies.
Hiroshima Bank is a limited partner while Hiroshima Venture Capital will serve as the general partner for the fund, which is set to operate until June 2034.
The bank already runs Hirogin Capital Partners, a startup investment arm that backs business succession and regional revitalisation technology developers.
Hiroshima Venture Capital, which was founded in 1995 and counts Hiroshima Bank as a shareholder, manages 25 VC funds. Most recently, it launched Hiroshima University / Hiroshima Prefectural University Venture Support Investment in 2020 alongside the national research university.
