Gree Ventures closes $67m second fund, expands scope to India

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(L-R): Gree Venture’s Yusuke Amano (CEO/Partner) and Tatsuo Tsutsumi (Partner).

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Japanese VC firm Gree Ventures closed a new fund at US $67M.  The fund, dubbed AT-II, intends to back startups in Japan, Southeast Asia, and India, the firm said in a statement today.

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Gree Ventures sees itself stepping in as lead investor, providing financing of US$500,000 to US$3 million for seed to series A-stage startups.

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Gree Ventures earlier fund, AT-I, primarily targeted Japan and Southeast Asia, so India is a new focus.

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Since its formation in April 2016, AT-II has already invested in 10 Asian startups. One of them is Indonesia’s Ayopop, a mobile payments platform. Another recent investment is PopXO, headquartered in New Delhi, India’s largest female-targeted content platform.

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Founded in 2011, Gree Ventures has made over 40 investments and seen some notable exits. Singapore’s chat app Pie was the first Southeast Asian startup to be acquired by Google. Gree Ventures led its series A round in 2015. The VC also invested in Luxola, which was acquired by LVMH, and Kudo, which sold to Grab.

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Cash in Gree Venture’s new fund comes from Japanese corporate and financial institutions including Japan’s Organization for Small & Medium Enterprises and Regional Innovation, GREE, and members of the Mizuho Financial Group.