Japan-based property developer Mitsui Fudosan launched a strategic venture capital fund in partnership with investment firm Global Brain yesterday that is expected to be ¥5bn ($44.6m) in size, The Bridge has reported.
The 10-year fund will look to invest in seed, early and middle-stage companies in Japan, North America, Europe, Israel and the rest of Asia. It will eschew from investing in pharmaceutical and biotech companies but will otherwise be largely sector-agnostic.
Some of the areas in which the fund will focus include real estate, the internet of things, security, environment, energy, the sharing economy, e-commerce, fintech, robotics and life sciences.
The fund has not yet revealed any direct investments but has disclosed that it will provide capital to VC firms 500 Startups and Draper Nexus Ventures, indicating that it may operate at least partly as a fund-of-funds.
Mitsui Fudosan has not so far been active in corporate venturing, though it does operate a “venture co-creation” subsidiary called Team 31 Ventures, and was one of the limited partners in the $17m corporate venturing fund formed by biotech company Euglena in April 2015.
In addition to the newly formed fund, Mitsui Fudosan intends to also establish two new startup hubs in Tokyo, and to launch a community called 31 Ventures Club that will enable members to make use of four co-working spaces in the city.