Despite raising less money than its previous fund, DG Daiwa Ventures plans to back plenty of AI, blockchain and security startups.
DG Daiwa Ventures, the Tokyo-based VC unit jointly owned by Daiwa Securities Group and Digital Garage, closed its third fund with over ¥10bn ($69m) to invest in early-stage startups.
The 10-year fund will look to back startups in areas like fintech, AI, blockchain, healthcare and security, which the unit says it will do in cooperation with leading VC firms. It also says it will look to help solve social issues through investments in technologies like robotics, climate tech and deep tech.
The unit did not raise as much for this third fund as it did for its second vintage, which closed with approximately ¥12.5bn in 2020 – itself falling far short of the ¥20bn it had been targeting.
Corporate LPs backing the new fund include MUFG, MS&AD Insurance Group, Sumitomo Mitsui Trust Bank, Daikin, Mixi, Kakaku, Resona, Kansai Electric Power through its K4 Ventures unit, and more.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
