Japan-based financial services firm Howa Bank teamed up with venture capital firm Future Venture Capital (FVC) yesterday to form a ¥300m ($2.8m) startup investment fund.
The name of the vehicle can be translated as Howa Entrepreneurial and Business Succession Support Fund and it is set to invest for between eight and 10 years. It is intended to help revitalise Howa Bank’s business areas by supporting startups in Japan’s Oita prefecture where it is headquartered.
FVC already runs 27 other regional revitalisation initiatives, the latest fund being the first in the region of Kyushu. It will continue to partner regional financial institutions to back entrepreneurial projects in a bid to stimulate local economies.
Six corporates – including paper product manufacturer Awa Paper & Technological Company, real estate developer Anabuki Kosan, building materials supplier Digital Alliance Holdings, abrasive vendor Fujimi and human resources firm Will Group – have also formed investment vehicles with FVC.
