Incubate Fund Asia announces third fund, rebranding
Incubate Fund Asia, a sector-agnostic and Japan-origin venture capital firm, on Wednesday announced the first close of its third fund, which has a target corpus of $50 million (Rs 416 crore).
The Singapore-based fund also said it is rebranding itself as Incubate Fund Asia. Previously, as Incubate Fund India, it only backed domestic startups such as Captain Fresh, Yulu, ShopKirana and Plum from its first two funds since 2016. It has backed 27 companies so far.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Applied Business AnalyticsVisitThe rebranding is aimed at expanding focus on supporting pre-seed and seed-stage startups in India and Southeast Asia. The proceeds of the fund will be used to make 20 early-stage investments and also for follow-on investments in startups that have shown strong fundamental growth.
Founder and general partner Nao Murakami told ET that the third fund will have 80% of its startup investments still built out of India.
The parent Incubate Fund group, headquartered in Tokyo, Japan, is structured independently of its sister funds in countries such as Brazil, the United States and India. The main Japan fund has over 200 startups in its portfolio.
The group, with offices in Tokyo, Singapore, Bangalore, Mumbai, São Paulo and Mountain View is a limited partner (LP) of Incubate Fund Asia’s third fund. Murakami declined ET’s request to share names of other LPs. The Incubate Fund was the only LP in its first fund and part-LP in the second.
“In the third fund, 50% of
