Japan-based accounting software developer Money Forward’s corporate venturing arm, Money Forward Venture Partners (MFVP), reached a ¥1.23bn ($11.7m) first close for its seed and early-stage vehicle today.
Hirac Fund’s limited partners (LPs) included enterprise chat platform operator Chatwork, design technology developer Goodpatch, printing services provider Raksul, software testing company Shift and The Guild, the operator of a graphic design agency.
Venture capital firm Jafco and assorted private investors filled out the list of LPs.
MFVP was founded in May this year, a month before Hirac Fund was launched with a target size of $29m. It will invest in startups based in Japan and elsewhere developing IT and related technology, having already backed three companies: sports data platform provider Tential, employee onboarding software developer Workside and Wray, the owner of a direct-to-consumer women’s healthcare brand.
Money Forward has named enterprise software subsidiary Smartcamp CEO Satoshi Furuhashi and Naoya Kanesaka, chief financial officer of financial consulting service unit Money Forward Synca, as MFVP managing partners, who will oversee Hirac Fund.
In addition to capital commitment, Jafco has signed a strategic agreement with Money Forward and MFVP, where it will support investment operations and create joint startup support schemes with the latter two.
