The Year of the Goat has had a promising start for startups in Asia. Incubate Fund, a well-known seed-stage venture capital firm from Japan has announced a new fund that will invest millions of dollars in startups in Asia.
The Incubate Fund III has raised JPY 11 billion (US$92) from prominent backers that represent high profile tech companies including Chinese internet giant Tencent, Yahoo Japan, Sega Sammy, and Tokyo Broadcasting System, as well as INCJ, Sumitomo Mitsui Banking, Mistletoe, Mixi, and Development Bank of Japan.
According to the company press release, the fund was formed for the purpose of creating and developing the next generation of Japan’s industry together with leading companies in the media, gaming and Internet field in Japan and China, financial institutions representative of Japan, and Japan’s government agencies.
Incubate Fund told Tech in Asia that the firm will begin to focus more on startups involved in the internet of things (Iot). Incubate Fund’s interest in IoT is part of a growing trend in Japan which has seen other organizations like Yahoo Japan and GMO also identifying IoT as a target industry for development.
The introduction of Incubate Fund III is good news for Asian startups which have traditionally not been the focus of large investments and is part of a changing trend in Asia. Recent months have seen a number of large funds getting involved in the startup scene in Asia. Here is a list of the new sources of funding in Asia that were launched in 2014 as reported by nextweb:
April - Singapore Government announces $50 million for six funds May - GREE Ventures’ $50 million fund May - Softbank’s $50 million fund for Indonesia May - Monks’ Hill Ventures’ $80 Million fund June - Softbank’s $20 million fund for the Philippines June - Cyberagent Ventures’ $50 million fund July - Rakuten Ventures’ $100 million fund for Asia, US and Israel
With so many resources going into Asian startups, it’s no wonder that Investopedia is advising investors to forget about Apple and invest in Asia.