Japan-based venture capital firm Infinity Venture Partners (IVP) has increased the size of its latest fund, which has been backed by a range of corporates, to $75m, The Bridge reported on Tuesday.
IVP is headquartered in Japan but targets both Japanese and Chinese mobile and consumer internet startups, bridging the gap between the regions. It is raising Infinity E.ventures Asia III, L.P. with the cooperation of US-headquartered VC firm E.ventures, with which it is partnered.
The fund was launched in late 2014, at which time it had raised $32m. It recently raised $25m, $20m of which was provided by Taiwan’s state-owned National Development Fund, Executive Yuan (NDF).
Infinity E.ventures Asia III, L.P.’s limited partners include human resources firm Recruit Holdings, game developers Orso and Sammy Networks, social media platform Mixi, internet company United and investment bank Daiwa Securities, as well as various individual investors.
IVP aims to reach a $100m final close of the fund later this year. It closed its second and third funds in 2007 and 2009 respectively.