Venture capital firm Spiral Ventures has closed its first Japanese fund at ¥7bn ($64m) after receiving commitments from a range of corporate limited partners.
Spiral Ventures Japan Fund 1’s LPs include Asics Ventures Corporation, the corporate venturing arm of apparel brand Asics, as well as logistics service provider Seino Holdings, property developer Mori Trust and publisher Tosho Printing Company.
The corporates were joined by the Japanese state-mandated Organization for Small & Medium Enterprises and Regional Innovation, an undisclosed Japan-based domestic security company and an unnamed international hedge fund.
The fund is targeting investments in the space where technology and the internet meet traditional offline industries such as transport, agriculture, logistics or healthcare. It typically provides ¥50m to ¥300m for early-stage investments and up to ¥500m for later-stage deals.
Spiral Ventures Japan has so far invested about $19m in a total of 19 companies including online funeral services marketplace Minrevi, elderly care monitoring software developer Z-Works and logistics platform OpenLogi.
Spiral’s Japanese activities are conducted alongside those of its other venture capital arm, Spiral Ventures Asia, which is in the process of raising $50m for its own fund.