Japanese venture capital firm Global Brain and Mitsui Fudosan have jointly established 31VENTURES Global Innovation Fund II (CVC II) with a corpus of JPY 8.5 billion ($81 million), according to an announcement.
CVC II will focus on startups that strengthen real estate as a service, focus on digital transformation and smart city. The fund will target startups that create new businesses that are different from their existing business areas.
Its predecessor fund CVC I was established in 2015, with a total amount JPY5 billion ($48 million). The fund aims to strengthen Mitsui Fudosan’s core business and expand its business domain by investing in approximately 40 domestic and overseas startups from early to late stages.
Global Brain is an early-stage venture capital firm that has investments in the US and Asia.
In August, the Japanese venture capital firm through its CVC I, invested an undisclosed sum in Photosynth Inc., a startup developing Akerun smart lock and online management system.
Earlier, Global Brain had led an investment in Connected Robotics, a cooking robot service provider, through its GB-VII Growth Fund Investment Limited Partnership (GB-VII) and CVC I.
Mitsui Fudosan is engaged in the real estate business. It operates through the following segments: leasing, property sales, management. The company was founded by Takatoshi Mitsui in 1673 and is headquartered in Tokyo, Japan.