Beenext Capital Management announced on June 16 that it had finished raising about ¥17 billion ($160 million) for two newly established funds.
In addition to supporting the digital recovery of various countries in Asia during and after the coronavirus pandemic, the funds will be used to discover, finance and support new innovations to achieve digital leapfrogging. "Leapfrogging" occurs when a country bypasses intermediary steps of development and jumps directly to the latest technologies, rather than progressing to them gradually.
The two new funds will finance and support entrepreneurs involved in the digitalization of various industries. The Emerging Asia Fund (about ¥11.7 billion or $110 million USD) will focus on digital innovation in emerging countries, while the All Star SaaS Fund (about ¥5.3 billion or $50 million USD) will focus on achieving dramatic improvements in productivity through digital transformation in Japan. Each fund will support local entrepreneurs who are dedicated to solving the challenges unique to their own region.
In addition to major US institutional investors and wealthy individuals from various Asian countries, the new funds are backed by a variety of prominent business firms in Japan, including IT companies, banks and insurance companies, as well as publicly listed startup companies. Beyond simply providing funds, Beenext says that it will work closely with each investor as a joint investor and business partner to create and cultivate businesses.