Japanese early-stage investor Genesia Ventures has closed its third fund at $110 million, lower than its initial target of $130 million, according to a statement.
The fund, Genesia Venture Fund 3 Investment Limited Partnership, similar to its predecessors, will back investments in pre-seed and seed-stage startups in Japan and Southeast Asia.
This vehicle will continue to focus on digital startups and back investments in frontier technology, including robotics, digital twinning, and spacetech.
Limited partners include Canal Ventures, GREE, Japan Investment Corporation, Mizuho Bank, Mizuho Capital, and Oriental Land Innovations, among others, participated in this vehicle.
“The Southeast Asia startup market, which is the main battleground for the overseas investment team, has grown to a scale that far surpasses the Japanese market in terms of both total amount and the number of fundraising,” said Takahiro Suzuki, head of Investment in Southeast Asia and general partner.
“At the same time, I believe that the startup ecosystem in Asia, especially between Southeast Asia and India, is becoming more seamless. In light of such changes in the market environment and the enormous potential of Indian startups, we plan to establish an investment base in India within this fiscal year,” he added.
Genesia Ventures is a venture capital firm focused on seed and pre-A startups in Japan and Southeast Asia.
In 2020, the Japanese VC firm closed its second fund at $75 million, short of its $80-million target. The second fund has so far invested in 59 companies: 41 in Japan, 16 in Southeast Asia, and two in other markets.
The first fund completed its final close in December 2017 with a total of $35 million. It invested in 47 pre-seed and seed-stage startups: 35 in Japan, 10 in Southeast Asia, and two in other markets.
Some of the startups in its portfolio include Timee, HRBrain, Sukedachi in Japan; Docquity, Qoala, and Finantier in Indonesia; and BuyMed and Fundiin in Vietnam.