Japan-based driving school chain operator Minami Holdings formed a corporate venture capital subsidiary called Minami Incubate last month, it has announced.
The company did not disclose the amount of capital allocated to the vehicle but said it will target startups at seed-to-later stage, mainly in the education, mobility and regional revitalisation sectors.
Founded in 1962, Minami runs 1,300 Minami Fukuoka Driver’s Schools across Japan with 1.6 million students having completed more than 100 hours of lessons. The schools are also used for other educational and recreational activities, and serve as shelters during natural disasters.
Minami Incubate will seek out new ideas and technologies, providing portfolio companies with Minami’s mobility know-how, resources and partner network to create value for the schools’ users.
In addition, entrepreneurs will be able to access markets such as Bangladesh, Cambodia, Nepal, Uganda and Vietnam where the company has local affiliates and partners.
Masayasu Morita, founder and chief executive of IT services provider Hitomedia Group, will be managing partner of Minami Incubate. He will be joined by Minami CEO Yoshirō Egami and director Yorihiko Shima, who will be partners at the unit.
