Japan Investment Corporation (JIC) was among investors that participated in fundraising for the Minerva Growth Partners II, which drew 7 billion yen (US$44 million) of total commitments, including 3 billion yen from the sovereign wealth fund.
Launched last month, the fund invests in Japanese internet and software startups and is managed by local venture capital firm Minerva Growth Partners. The firm announced the total raised in an undated statement posted on its website without identifying any of the investors.
JIC disclosed its investment in a statement on January 16, saying that venture capital firms that support growth stage startups need long-term, large-scale capital.
“JIC believes that investment in promising domestic startups providing services that solve industry-specific challenges through digital technology will expand, leading to a virtuous cycle of innovation,” the wealth fund says.
Established in 2018, JIC provides risk capital to local next-generation industries, including artificial intelligence and big data.
