Human resources firm Recruit Holdings has announced the establishment of a ¥4.5bn ($44m) unit to be called RGIP, which will make venture capital investments outside of its parent company’s home country of Japan.
Reports of the fund initially emerged last month, stating that Recruit would invest in up to 30 companies in 2014, and would fund both domestic and overseas businesses, but Recruit’s official announcement indicates its mandate will be more specific.
RGIP will focus solely on early stage businesses in foreign countries. Recruit has previously expanded internationally by acquiring companies and forming joint ventures, and it esbalished a corporate venturing subsidiary in 2006 that invests both in Japan and overseas.
RGIP has also made its first investment, in Tripping, a US-based online search service for holiday home rental that revealed earlier this week it has raised an undisclosed amount of series A funding. The round also included Draper Associates, Quest Venture Partners and several private investors.
Tripping previously raised $1m in a 2011 seed round that include Quest, Draper and LaunchCapital.