Japan-based financial services holding company Mebuki Financial Group’s Joyo Bank subsidiary has formed a ¥1bn ($8.8m) corporate venture capital vehicle called J-Raise Fund.
The bank’s Joyo Capital Partners unit will manage the vehicle, which has been set up to invest in early-stage developers of technologies and services that are relevant to its business areas, including digitalisation and regional economic regeneration.
Joyo Bank intends to explore business opportunities and improve its existing services through its portfolio companies’ technology and business models. It had already been involved in the innovation ecosystem through debt financing, having supported technology companies such as smart lock developer Photosynth.
Mebuki Financial Group has another corporate venturing vehicle, Tsukuba Exceed Fund, which is jointly run by Joyo Bank and its sister unit, Joyo Industrial Research. Its portfolio includes heart failure therapeutics developer Metcela, underwater drone manufacturer FullDepth and virtual reality entertainment platform Univrs.
