Venture United, an investment subsidiary of Japan-based app developer United, has closed a fund at ¥1.2bn ($11m), The Bridge has reported.
Investors in the fund include Japanese state-run business investor SME Support, Rakuten-owned telecommunications company Fusion Communications, online security company SBI Securities, and advertising agencies Hakuhodo and Digital Advertising Consortium.
Venture United has already invested in a number of Japan-based startups, including internet life insurance company Lifenet Insurance, social merchandising platform Enigmo and entertainment services company Unoh. Gaming company Zynga acquired Unoh in 2010.
Satoshi Maruyama, Venture United’s chief venture capitalist, told The Bridge: “We expect to invest in entrepreneurs with a big vision, typically those who want to change the world or create a business that can work in the global market.
“The sectors where we will look for potential investees will be commerce, O2O (online-to-offline), and omni-channel retailing.”