Tokyo-based independent venture capital firm ANRI has secured a first close of 14 billion yen ($102.6 million) for its fifth flagship fund, which has a target corpus of 40 billion yen ($288 million).
Limited partners in the first close of the vehicle — ANRI Fund V — include Japan Investment Corporation, Mizuho Bank and GREE Inc, among other major domestic institutional investors, the firm said in a statement.
The fifth fund will continue ANRI’s strategy to invest in the seed stage and make follow-on investments.
ANRI Fund V’s predecessor vehicle was closed at 16 billion yen in 2019. In November 2020, ANRI said its fourth fund would raise the ratio of investments in women-led startups to at least 20% of all investments. “This goal was achieved, reaching 20.4% as of June 30, 2022,” the firm said.
It added that the latest fund will similarly aim to allocate 20% or more of its investments to female-led businesses.
From ANRI Fund I, launched in 2012, to its debut carbon-zero fund ANRI GREEN Fund I, which was launched earlier this year, the Japanese VC firm managed 38.7 billion yen in assets before raising ANRI Fund V.
“Against the backdrop of an ever-weakening economy, we launched ANRI Fund V with the aim of backing early-stage startups, regardless of the business sentiment,” it said.
In addition to Internet companies, ANRI has backed university spinoffs engaged in R&D of deep tech and other fields.
The firm also operates incubation centres in Shibuya — Tokyo’s largest startup hub — and Hongo — home to the University of Tokyo. ANRI said it will merge these two centres to create a larger facility in early 2023.
“The new centre is slated to become Japan’s largest incubation facility managed by a venture capital firm,” ANRI said.
The firm has made 194 investments to date, according to Crunchbase. Investments in 2022 include money spending management app Smart Bank, EX-Fusion — a company that develops the first commercial laser based nuclear fusion reactor for power generation, pharmaceutical company Aculys Pharma, quantum computer hardware company QunaSys and biotechnology firm Restore Vision.