Salesforce Ventures, the corporate venturing group of US-listed enterprise software producer Salesforce, is looking to empower Japanese startups in the Salesforce ecosystem, according to Shinji Asada, head of Salesforce Ventures Japan.
Asada’s role involves sourcing new deals, conducting due diligence and providing thought leadership in portfolio companies’ board meetings.
Asada started his career at trading group Itochu where he spent more than a decade in different roles ranging from new business development and mergers and acquisitions to system integration and software-as-a-service (SaaS) sales, before joining venture capital unit Itochu Technology Ventures in 2012.
“Since I joined Salesforce Ventures [in 2015] I have been actively investing in emerging enterprise software startups and built a portfolio of more than 40 companies to date,” Asada told Global Corporate Venturing.
Salesforce Ventures Japan’s current portfolio includes business card management platform Sansan, accounting software producer Freee and human resources technology provider Bizreach.
“After much success in the region, Salesforce Ventures launched a $100m Japan Trailblazer Fund in late 2018 to continue its investment momentum,” Asada said.
Japan is not the only country in which the unit has established a specialist fund. It has formed Trailblazer Funds in Australia, Canada and Europe having already fully deployed a $100m earlier vehicle directed at Europe and the Middle East.
“The unique thing about Salesforce Ventures is that we are the only strategic fund focused 100% on creating the world’s largest ecosystem of enterprise cloud companies and extending that technology to our customers,” Asada said.
Japan Trailblazer Fund partners Japanese entrepreneurs who integrate or build their products and services on the Salesforce platform, or offer them on its AppExchange, as well as those who implement the corporate’s technology.
Asada claimed: “With this fund, Salesforce Ventures strengthens its position as the most active foreign corporate venture capital arm in Japan and deepens its commitment to creating the world’s largest ecosystem of enterprise cloud companies to fuel customer success.
“Our mandate is to be a strategic investor, providing capital and strategic support to our portfolio companies – access, advice and credibility. We want our companies to integrate with our products and list on the AppExchange to provide Salesforce customers with more solutions in our ecosystem.”
Japan-based venture capital investors and corporates do not tend to focus on SaaS as it is still an emerging market in the country, said Asada. He added: “With a number of our investments, we will take board and observer seats. We are often relied upon by entrepreneurs to share knowledge based on our experience at Salesforce.”
Apart from receiving capital, portfolio companies also gain credibility as they form strategic partnerships with Salesforce, according to Asada.
“Each portfolio company receives an executive sponsor that commits to working with the startup,” he said. “This ensures the startup receives specialised attention from company leadership and maintains a tight alignment with Salesforce goals.
“We not only give portfolio companies funding but also provide them with the guidance of Salesforce’s innovators and executives to accelerate their growth. We look for companies that fit our company values – like trust.”
Asada concluded: “With this new capital, we will be more active than ever before to cultivate the SaaS market here in Japan. Our $100m commitment strengthens our mission to help startups grow and drive customer success.”
Photo courtesy of Shinji Asada.
