AT-II — the firm’s second fund — sees GREE Ventures spread its focus of deals in Japan and Southeast Asia to cover India for the first time. The fund has so far made 10 investments across Asia, which includes New Delhi-based PopXO, a media startup targeted at women in India. Typical check size is $0.5-$3 million for seed to Series A deals, and the firm prefers to lead rounds where it can.
Investors in the new fund include the SME Support Japan, Mizuho Financial Group and, of course, GREE itself. GREE Ventures was formed five years ago, and it has invested in more than 40 startups over that period. Its exits to date include Kudo in Indonesia (sold to Grab), Pie (sold to Google) and Luxola, which was bought by Sephora parent company LVMH.
While the GREE business is anchored in games, GREE Ventures is designed to invest outside of that focus to give its parent company reach and insight in new and upcoming tech sectors. That’s a different rationale to the $12 million fund that GREE launched last year to explore opportunities in VR and AR.