Tokyo-based venture capital firm Globis Capital Partners has announced the first close of its sixth fund at 36 billion yen ($321 million).
Globis Fund VI, which is targeting a final close at 37.5 billion yen ($336 million), secured capital commitments from Sompo Japan Nipponkoa Insurance, Tokio Marine Asset Management, Sumitomo Mitsui Trust Group and Sumitomo Mitsui Banking Corporation and Bank of Yokohama.
The fund plans to make investments primarily in the digital sector or sectors where transformation through the use of IT is expected. It will look at opportunities in new technologies such as AI, IoT and blockchain.
Globis Capital Partners’ fifth fund, which had a corpus of 16 billion yen, has invested in around 29 companies since its launch in 2016.
Launched in 1996, its debut fund, called Globis Incubation Fund, was set up with a corpus of 540 million yen ($4 million) and made 13 investments.
Till date, Globis has backed over 85 companies, of which 32 have gone on to conduct an IPO and another 17 have been engaged in M&A activities.
The firm’s portfolio companies include Shippio Inc, a logistic platform, and Mirrativ Inc, an operator of live streaming platform and games.