It’s been a good week for Japanese startups. Fresh from Google making a rare investment in the country when it backed AI startup ABEJA, Salesforce — another U.S. tech titan — has announced a $100 million fund for enterprise startups in Japan.
The Japan Trailblazer Fund is Salesforce Venture’s first local fund in Asia. The firm’s VC arm has backed 40 startups in Japan since 2011; that’s a fraction of its portfolio of more than 275 startups, while, at $100 million, the Japan fund is also a small part of the overall investment thesis which has seen Salesforce Ventures plow more than $1 billion into companies worldwide.
Nevertheless, the dedicated focus on Japan is positive news for the country, which has struggled to attract overseas investors despite running the world’s third-largest economy based on GDP. For Salesforce, Japan’s public cloud services market is expected to increase more than two-fold to reach $13 billion by 2022, according to figures from IDC.
Salesforce Ventures’ existing portfolio includes startups like accounting service Freee, which raised $60 million in August, and contact management business Sansan, which this week closed $26.5 million for expansion into Southeast Asia.