Spiral Ventures Japan closes oversubscribed 1st fund with $64M in partner commitments

Spiral Ventures Japan closes oversubscribed 1st fund with $64M in partner commitments

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Spiral Ventures Japan announced the final closing of Spiral Ventures Japan Fund 1 with 7 billion yen (about $64 million US) limited partner commitments on Monday. The fund raise surpassed its initial target of 6 billion yen (about $55 million). Participating limited partners include Asics Ventures, Seino Holdings (TSE:9076), Tosho Printing (TSE:7913), Mori Trust, Organization for Small & Medium Enterprises and Regional Innovation – JAPAN, in addition to unnamed Japanese securities companies and foreign hedge funds.

Spiral Ventures Japan announced the final closing of Spiral Ventures Japan Fund 1 with 7 billion yen (about $64 million US) limited partner commitments on Monday. The fundraise run surpassed its initial target of 6 billion yen (about $55 million). Participating limited partners include Asics Ventures, Seino Holdings (TSE:9076), Tosho Printing (TSE:7913), Mori Trust and Organization for Small & Medium Enterprises and Regional Innovation – JAPAN, in addition to unnamed Japanese securities companies and foreign hedge funds.

The first fund is intended to invest in startups with focusing on “X-Tech” (fusion areas between Internet/technology and real industry), especially in two areas: industry-changing business and industry-creating business. The fund has invested a total of 2.1 billion yen ($19.3 million) in 19 startups including OpenLogi (logistics), BizReach (human resource), Nurve (preliminary inspection of apartment rooms using virtual reality solutions), Z-Works (elderly caregiving solutions powered by Internet of Things) and Future Standard (rapid hardware/software prototyping). The fund’s typical investment size is 50 to 300 million yen ($460,000 to $2.8 million) for an early/middle-stage startup and up to 500 million yen ($4.6 million) for a later-stage startup.

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Translated by Masaru Ikeda
Edited by “Tex” Pomeroy