Venture firms Draper Fisher Jurvetson and JAIC America put the wheels in motion months ago to raise a new, cross-border fund for investing in start-ups in Japan and in America.
But since they started raising that fund, life in Japan was upended by several unforeseeable catastrophes. Instead of abandoning the idea, investors from both firms decided to press on, believing that the crises in the island nation could eventually spawn new opportunities.
DFJ and JAIC America–a division of Tokyo-based Japan Asia Investment Co.–jointly announced on Wednesday they have closed on about $25 million of a fund that is likely to reach $50 million, and which will fund start-up companies in Japan and the U.S.
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- There are a few US-based VC such as DCM or Globespan investing in startups in Japan. But it may be the first case of joint VC fund between VCs in US and Japan.
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