Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance and Daiwa Securities Group have already decided to invest over $330 million. The post Japan’s SBI Holdings Raising $662 Million to Invest in AI, Web3 and Fintech Startups appeared first on NFTgators .
Quick take:
- SBI Holdings wants to raise up to 100 billion yen for a new fund dedicated to Web3, AI and Fintech startups.
- The company has already received more than 50 billion yen in commitments from leading Japanese financial institutions.
- The fund plans to invest in 150-200 companies by the end of 2023.
SBI Holdings is launching a 100 billion yen fund (~$661.7 million) dedicated to Web3, AI and Fintech startups. The Japanese financial services institution has already received more than 50 billion yen (~$331 million) in commitments from Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance and Daiwa Securities Group.
The country also hosts some of the leading venture funds, including SoftBank Vision Fund, which has backed several Web3 companies.
However, despite these initiatives, Japan has failed to rank among the best in terms of nurturing startups, something that Prime Minister Fumio Kishida said he was keen to address in November 2022.
SBI’s mega fund seems to align with the PM’s ambitions and is backed by some of the largest financial institutions in the country, including Sumitomo Mitsui Banking Corporation, which in March 2023 had over 252 trillion yen in assets, according to Statista data.
Yet, even with 100 billion yen dedicated to startups in the country, SBI Holding’s new fund is only the tip of the iceberg of what Japan wants to pump into burgeoning startups. The government has set its sights on increasing investment in startups from 800 billion yen in 2022 to 10 trillion yen (~$66 billion) by 2027.
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