Japan-based venture capital firm One Capital has announced its first fund, having secured capital from limited partners including corporates Eisai, Japan Asia Group, Sansan and Yahoo Japan.
Pharmaceutical firm Eisai, engineering consulting firm Japan Asia Group and business networking platform developer Sansan contributed to the fund directly while internet company Yahoo Japan participated through its corporate venturing arm, YJ Capital.
Financial services firms Mizuho Bank and Fukuoka Financial Group also committed capital, the latter through its FFG Venture Business Partners subsidiary. PeopleFund, Harris Family Foundation and Darhan Investment Corporation filled out the LPs.
Founded in April 2020, One Capital’s maiden fund has a decade-long investment period and a target size of ¥5bn ($46.4m), with the possibility of doubling the ceiling. It will focus on early-stage developers of enterprise software technology that facilitates new working practices.
The firm’s co-founders are CEO Shinji Asada, who was named an Emerging Leader by Global Corporate Venturing earlier this year while heading corporate venturing unit Salesforce Ventures Japan, and chief operating officer Wataru Sakakura.
Naoto Ōhitsu, general manager of Mizuho Bank’s innovative companies support department, said: “We are pleased to participate in One Capital’s Fund I. Going forward, we believe software-as-a-service (SaaS) companies are an essential solution for Japan’s digitisation efforts.
“We have partnered Mr Asada because he is a leader in this field and can provide hands-on support. We have invested in this initiative with the hope that we can contribute to the revitalisation of domestic SaaS companies.” (Translated from Japanese by Global Corporate Venturing)
