Hitachi has launched its third corporate venture capital fund with $300 million in initial funding, while South Korean beauty startup Grace has raised $5 million in a Series B round.
Japan’s Hitachi launches $300m third CVC fund
Japanese multinational conglomerate Hitachi has announced the establishment of a $300-million third fund for Hitachi Ventures, the company’s corporate venture capital arm.
The new fund is twice the size of its two predecessors and aims to accelerate innovation and create new business opportunities in the digital domain, which is a primary focus area for Hitachi.
The newly established third fund will expand investments in startups with cutting-edge technology such as AI, blockchain, cloud computing, 5G/6G, VR, and new service models, according to the announcement.
The first fund was launched in June 2019 while the second was launched in October 2021. Currently, Hitachi Ventures manages a portfolio of 21 startups.
“With our third fund, Hitachi Ventures will further boost Hitachi’s Innovation Growth Strategy through investments and collaboration with innovative fast scaling digital businesses and technology solutions and will extend our global reach,” said Stefan Gabriel, CEO and managing director of Hitachi Ventures.
With offices in Germany and the US, Hitachi Ventures covers Europe, Israel, and North America.
S Korea’s Grace raises $5m in Series B funding
Grace, a health and beauty brands aggregator in South Korea, has raised $5 million in a Series B funding round anchored by venture capital and private equity firm SKS Capital.
In a statement, Grace said the funding will be used to expand its business operations and pursue growth opportunities in the region, focusing on scaling its operations, hiring personnel, and developing new service offerings.
The startup is the largest supplier of Olive Young, Korea’s largest health and beauty retailer, and supplies to online channels and over 50,000 offline points of sales in the country.
“The brand aggregator strategy has been to diversify our product offerings and to rely on the recession-resistant health and beauty industry,” said Grace founder Abraham Cho.
The funding comes as Korean beauty brands are becoming increasingly popular among Asian consumers, who are drawn to their innovation and quality.
SKS Capital, which has a strong presence in the beauty ecosystem in Southeast Asia, including supply chain, logistics, distributors, licensees, e-commerce, retailers, and connections with celebrities, will support Grace’s expansion by bridging connections in the region.