Japan-based venture capital firm Samurai Incubate’s corporate-backed sixth fund has opened applications for the second batch of The First Movers, a three-month incubation scheme due to start next month.
Rail operator Keikyu, insurance provider Mitsui Sumitomo Insurance, logistics provider Seino Holdings, air conditioner producer Daikin, syringe maker Maeda and retail group Marui contributed to Samurai Incubate’s Fund VI, as did financial services firm Mizuho Bank, through its Monoful telematics arm.
Respective industry experts from the corporates will join the scheme as mentors. Participants in The First Movers will form businesses through two phases – idea creation and lean validation – covering logistics, healthcare, retail technology, fintech, construction and mobility as a service.
The first edition, in January this year, selected 17 groups out of 75 applications. Five groups will eventually pass through the first half of the scheme, and will receive between ¥3m ($27,000) and ¥5m ($46,000) in seed capital, with possible additional funding in the following phase.
