Sony Corporation and Daiwa Capital Holdings Co., Ltd, a subsidiary of Daiwa Securities Group Inc, announced the establishment of Innovation Growth Ventures Co., Ltd, a joint venture company created for the purpose of establishing a joint investment fund. IGV has recently completed the first Limited Partner commitment for its Innovation Growth Fund, which was established for the purpose of investing in startup companies in key high-growth industries.
As of the first closing in June 2019, financial institutions such as Sumitomo Mitsui Banking Corporation and Osaka Shoko Shinkin Bank, as well as entities such as Mitsubishi UFJ Lease & Finance Company Limited and educational institution which operates university have signed on to the Fund as limited partners. IGV will leverage the platform of the Sony Group and Daiwa Securities Group while supporting the Fund’s portfolio companies and striving to maximize the Fund’s performance. Ultimately, the Fund aims to be 20 billion yen in size.
Sony established Sony Innovation Fund, its corporate venture fund, in July 2016. With offices in Japan, North America, and Europe, Sony Innovation Fund has been carrying out investment activities targeting startup companies in business domains such as AI and robotics. It has conducted over 40 investments in the past three years, and, with the establishment of the Fund, it aims to expand its investment activities targeting startup companies.