SMBC co-launches US$200 million Asian fund with Japanese VC
SUMITOMO Mitsui Banking Corporation (SMBC) has co-founded a US$200 million venture fund alongside Incubate Fund, a Japanese venture capital firm, it said on Tuesday (May 9).
The corporate venture capital (CVC) fund, named SMBC Asia Rising Fund, will be managed by Incubate Fund’s Singapore office. Incubate Fund, which was launched in 2010, has invested over 98.3 billion yen (S$964.7 million) in more than 450 startups.
The SMBC Asia Rising Fund will target Asian startups that contribute to the business growth of SMBC group – including financial institutions in which it has a stake – over a period of 10 years.
These startups will likely work with SMBC in areas like lending technology, payments and supply chain finance. This will help SMBC enhance its business and provide its clients with new solutions, it said.
“Through the CVC’s activities, SMBC Group will work with Asian startups to create new businesses and contribute to the growth of the region’s economy,” the company added.
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