Japanese venture capital firm Global Brain has invested in Tokyo-based crowdfunding platform operator Campfire through its GB-VII Growth Fund Investment Limited Partnership (GB-VII), according to the fund’s announcement.
It is understood that Global Brain and KDDI Corporation co-invested JPY2.2 billion ($20 million) in Campfire’s Series C round.
KDDI Corporation made the investment through KDDI Open Innovation Fund, which was launched last year with a view to investing JPY20 billion in startups related to 5G technology.
Founded in 2011, Campfire allows individuals, small businesses, NPO, schools, local governments to fundraise for their projects and challenges. The company offers various services including donation, reward and lending-based crowdfunding.
Since its formation, Campfire has raised over 11.2 billion yen and supported more than 21,000 projects through over 1 million patrons (as of April 22, 2019).
“GB highly evaluated Campfire’s unique vision and strong management capability. We are committed to leverage our resources and network to further strengthen their business,” the firm said in its announcement.
Global Brain Corporation made the final close of its sixth fund at around $180 million in 2017, a little over the targeted amount.
The fund had earlier set out to raise $175 million and had made its first close at $130 million at the time of its launch in December 2016 at the firm’s annual Alliance Forum.
The fund, the largest one raised by Global Brain since it was set up in 2001, seeks to invest in sectors including Internet of Things (IoT), hardware, enterprise, robotics, education and commerce solutions and focuses on investments in Japan, Silicon Valley, South Korea, Southeast Asia, and Israel.