GREE Ventures Gains $50M Funds For Tech Startups Based In Southeast Asia.
Seems that things are getting much better for startups and entrepreneurs based in Asia this week. With the recent announcement of Monk Hill’s Road new $80 million fund, Japanese mobile gaming giant GREE has recently announced its second round of funding, which totals up to 5 billion Yen (US$50 million).
Similar to its previous funding, this recent one, which was managed by GREE Ventures, will be targeting the young tech companies that are based in Japan and Southeast Asia. Notably, GREE Ventures has stated that it’s looking for ways to identify opportunities for startups in the consumer Internet mobile service, marketing technology and cloud service sectors.
Monk’s Hill Roads funding is aimed towards all sorts of deals, from early-staged based in Asia to Series A and B globally, but GREE ventures is much more focused on Series A deals. The firm stated that it will most likely invest between 100 million yen to 300 million yen ($1 million to $3 million) per deal, and will predominately aim towards the lead investors in its funding rounds.
GREE Ventures very first round was invested into 13 companies, which included cosmetics e-commerce site Luxola based in Singapore and fashion startup Berrybenka based in Indonesia. With this newly acquired funding, which is expected to last for a total of 10 years, it wishes to invest into more countries based in the Southeast Asia.’
The main GREE gaming business has suffered quite the difficulty during 2013, with the closure of its China office and layoffs worldwide. But GREE Ventures, it’s independent VB branch, has become one of the highest profile investors based in Southeast Asia and one of the few that covers Series A deals.