The strategic business innovator group SBI Holdings has decided to fuel the growth of emerging technologies in 2023. There has been a significant surge of interest in Web3, AI, and the metaverse, with many companies entering these fields. $6.62 billion to fuel web3, AI, and metav...
The strategic business innovator group SBI Holdings has decided to fuel the growth of emerging technologies in 2023. There has been a significant surge of interest in Web3, AI, and the metaverse, with many companies entering these fields.
$6.62 billion to fuel web3, AI, and metaverse startupsAccording to a recent report by
Nikkei Shimbun, Japanese business group SBI Holdings has announced the launch of a massive investment fund dedicated to backing startups operating in the realms of Web3, artificial intelligence (AI), and the metaverse. With a potential size of up to 100 billion yen (approximately $6.62 billion), this fund is expected to become a driving force behind Japan’s startup ecosystem. Empowering emerging startups with substantial CapitalThe fund, which is expected to begin functions by the end of 2023 will target 150 to 200 emerging startups, injecting significant capital ranging from hundreds of millions to billions of yen per project. This substantial financial backing reflects SBI’s belief in the huge potential of these emerging technologies to revolutionize various industries.
To further strengthen the fund’s impact, SBI has secured promises from major domestic banks and regional banks, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group. These institutions have collectively pledged over 50 billion yen, highlighting the overall confidence in the fund’s potential to boost Japan’s startup landscape.
A Pivotal role in propelling Japan’s startup ecosystemThe establishment of this large-scale fund comes at a crucial time for Japan’s startup ecosystem. The Kishida administration has recognized the need to nurture and support innovative startups, setting ambitious goals to transform Japan into Asia’s premier startup hub.
The administration’s five-year startup development plan aims to increase investment in startups by more than tenfold, reaching 10 trillion yen by 2027.
However, Japan faces challenges in fostering a conducive environment for Web3 businesses, particularly with regard to the tax system. The government has acknowledged the need for tax reforms to support Web3 companies and is actively reviewing relevant regulations.
With this significant funding and strong backing to emerging industries, SBI Holdings’ is poised to play a pivotal role in propelling Japan’s startup ecosystem to new heights. The fund’s focus on Web3, AI, and the metaverse reflects the company’s forward-thinking approach and its commitment to supporting the technologies that are shaping the future.
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