Japan-based software-as-a-service technology-focused venture capital firm One Capital’s corporate-backed One Capital 1 fund reached a ¥16bn ($147m) final close yesterday.
The fund has added $41.3m from Japanese government-affiliated Organisation for Small and Medium Enterprises and Regional Innovation and unnamed backers from outside Japan including institutional investors, family offices and private investors.
Corporates including pharmaceutical firm Eisai, medical fabric products manufacturer Hogy Medical, recruitment portal En-Japan, engineering consultancy Japan Asia Group and business card platform Sansan have all contributed to One Capital 1.
Gas utility Saisan’s Gas One subsidiary and Z Venture Capital – a vehicle for internet group Z Holdings which had operated as separate corporate venturing units YJ Capital and Line Ventures – are also among the limited partners, as are financial services firm Mizuho Bank and Fukuoka Financial Group, the latter through its FFG Venture Business Partners fund.
One Capital’s initial vehicle was formed in May 2020 and is set to run for 10 years. Co-founder and chief executive Shinji Asada previously headed enterprise software supplier Salesforce’s regional corporate venturing unit Salesforce Ventures Japan, which had been a shareholder in Sansan before it went public in mid-2019.
The fund’s $106m second close in April 2021 included US and Hong Kong-based investment firms including Aspex Management, unnamed family offices and individuals.
Eisai, Japan Asia Group, Sansan, YJ Capital, Mizuho Bank and FFG’s participation was revealed alongside the $46.5m first close in July 2020, which also featured PeopleFund, Harris Family Foundation and Darhan Investment Corporation.
– Image courtesy of One Capital.
