After leaving Japan-based business incubator Samurai Incubate where he worked as a Director since 2011, Shota Morozumi has started F Ventures, a startup fund for entrepreneurs in the Northeast Asian country, according to a report.
The fund is said to be around JPY 500 million (about $4.5 million). Morozumi will continue to raise more capital from other investors over the next 12 months.
The venture capital fund will focus on investing in seed stage startups, with a cheque size of JPY 5-15 million. It will also target startups based out of Fukuoka, hometown of Morozumi.
The Bridge wrote that F Ventures will soon invest in two Japanese startups. There are also plans of supporting entrepreneurs in other Asian cities, said an official press release.
Home to 1.5 million people, Fukuoka has a good chance of becoming a startup hub like Tokyo. In 2014, it was designated as a “special labour zone”, which allows revising certain requirements needed for foreigners to apply for visas and policies revolving around starting and working at a startup company.
“The lower business cost and the geographical proximity to the rest of Asia are major strengths of Fukuoka, but the main point is that our city provides a stress-free environment – it’s just more livable than Tokyo,” said Soichiro Takashima, the mayor of Fukuoka in an interview with Tech in Asia.
In 2014, Fukuoka was ranked the 10th most livable city in the world, in a study conducted by Monocle. The study, however, placed Tokyo as the second most livable city to be in, with Coperhagen taking the first spot. Kyoto also made it into the list, coming in number nine, just one spot above Fukuoka. The study ranked cities according to quality of life, factoring in crime rates and other relevant statistics.