SBI Holdings to launch $874.5m fund for Web3 and AI start-ups!

SBI Holdings plans to launch a fund investing in start-ups, including those involved in Web3, AI, and Metaverse, with a total value of up to JPY100bn ($874.5m) by 2023. The fund, which will back 150 to 200 companies with investments ranging from hundreds of millions to billions of yen, has gained backing from Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group, which have pledged more than JPY50 billion in investment. Currently, Japan’s start-up rate and number of unicorns are low compared to the US and Europe.