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February 7, 2000, the Nihon Keizai Shimbun
Venture Capital Firm Led By Former Corporate Vice-President of
IBM Corporation Establishes New Fund, Raises 100 Million Dollars In Capital
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March 17, 2000, the Nihon Keizai Shimbun
IBM And Others To Invest In Domestic IT Venture Businesses
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April 25, 2000, Nikkei Financial Daily
IT2000 Authorized As First Hands-on Type Limited Liability Partnership.
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April 27, 2000, the Nihon Keizai Shimbun
New Business Investment Co., Ltd., To Take Stake In Fund Managed
By TMC And U.S. Venture Capital. |
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September 15, 2000, the Nihon Keizai
Shimbun
U.S. Ignite To Transfer Sales Company Base From U.S.
To Japan, With High Expectations Given Wine's Popularity In Japan |
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Venture Capital
Firm Led By Former Corporate Vice-President of IBM Corporation Establishes New
Fund, Raises 100 Million Dollars In Capital
【February 7, 2000, the Nihon Keizai Shimbun】 |
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【Silicon Valley, February 6, 2000
= Junko Kagei】
California-based Ignite Group ("Ignite"), a U.S. venture capital firm led by Nobuo
Mii, a former Corporate Vice-President of IBM Corporation in the United States,
will raise 100 million dollars from 14 Japanese companies, including NTT Communications,
the long-distance and international phone service carrier, NTT DoCoMo Inc. and
the Tokio Marine & Fire Insurance Co. Ltd., as well as the Singapore government,
and establish a second fund for investment in U.S. high-tech venture businesses.
The first fund was established in May 1998 (with 26 million dollars) is almost
fully invested, and the recovery of gains on the investments is proceeding smoothly,
prompting the company to set up a new fund.
Komatsu Ltd., the Bank of Tokyo-Mitsubishi Ltd., and Mitsubishi Corp., which also
participated in the first fund, have already decided to contribute capital to
the new fund, and Hitachi, Ltd., Ricoh Co., Ltd., and Seiko Epson Corp. will join
in it for the first time. Silicon Valley-based Ignite accepts "trainees" from
these investors, in a bid to develop U.S.-style venture capitalists. Ignite says
that it will continue this training in the years to come.
Ignite invested the first fund in a total 14 companies. Of these, one company
made an IPO last summer, and one acquired by a major software company. Another
company plans to go public in the near future. Profits are expected to be returned
to the first fund investors within this month at the earliest. |
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IBM And Others
To Invest In Domestic IT Venture Businesses
【March 17, 2000, the Nihon Keizai Shimbun】 |
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Leading IT companies in the United
States, including IBM Corporation and 3Com Corporation will invest in IT-related
ventures in Japan through an investment fund established by a consortium including
the Tokio Marine & Fire Insurance Co., Ltd. ("TM"). The aim of the investment
is to acquire the technological capabilities to enable business expansion by investing
in Japanese IT companies in the early stages that are expected to grow rapidly.
The fund will raise 5 billion yen by the end of April. From the United States,
6 major companies, including IBM Corporation, software developers and telecommunications
equipment makers, will invest in the fund.
On the domestic side, TM and major IT-related manufacturers will participate in
the fund. The fund will be jointly managed by Ignite Group which is a California-based
venture capital firm led by Nobuo Mii who is ex-Corporate Vice-President of IBM
Corporation, and Tokio Marine Capital Co., Ltd. (Chiyoda Ward, Tokyo, President:
Yasuhiko Ozeki). |
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IT2000 Authorized
As First Hands-on Type Limited Liability Partnership.
【April 25, 2000, Nikkei Financial Daily】 |
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The Ministry of International Trade
and Industry has authorized IT2000 Investment Business Limited Liability Partnership
("IT2000") as the first "Qualified Funds" under the Revised Law for facilitating
the creation of New Business by METI (formerly MITI) on 24th. IT2000's portfolio
companies are treated favorably when they apply for government approvals as "qualified
new businesses" which enacted in March. With the approval, they can enjoy several
benefits including offering stock options to advisors or to consultants, and enhancing
the total number of stock options issued.
IT2000, jointly managed by Tokio Marine Capital and Ignite Japan, will invest
in IT companies that aim to make an IPO in 3-5 years. IT2000 raised investments
from leading companies, including Tokyo Marine and Fire Insurance Co., Ltd., Daido
Life Insurance Company, and Seiko Epson Corp. |
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New Business
Investment Co., Ltd., To Take Stake In Fund Managed By TMC And U.S. Venture Capital.
【April 27, 2000, the Nihon Keizai Shimbun】 |
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New Business Investment Co., Ltd.
a government-affiliated venture capital firm (Chiyoda Ward, Tokyo, President:
Keiya Toyonaga), has decided to invest in IT2000 Investment Business Limited Liability
Partnership ("IT2000") jointly established by Tokio Marine Capital Co., Ltd. (Chiyoda
Ward, Tokyo, President: Yasuhiko Ozeki) ("TMC") and a U.S. investment company,
based on the revised Law for the Promotion of New Business Creation approved last
year. The initiative follows the fund's authorization by the Ministry of International
Trade and Industry as a "Qualified Fund", which means that the fund has the ability
to advise and nurture the companies in which it invests. This is the first time
that New Business Investment Co., Ltd., has held a stake in a private VC fund
under this law.
The target for capital subscription is a fund jointly established by Ignite Group,
founded by Nobuo Mii who is ex-Corporate Vice-President of IBM Corporation, and
TMC. IT2000 size is approximately 5 billion yen. New Business Investment Co.,
Ltd. will invest 1 billion yen. |
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U.S. Ignite To
Transfer Sales Company Base From U.S. To Japan, With High Expectations Given Wine's
Popularity In Japan
【September 15, 2000, the Nihon Keizai
Shimbun】 |
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Ignite Group ("Ignite"), a Silicon
Valley-based venture capital firm, will transfer a U.S. wine sales venture's base
to Japan and invest in it. Under the current business structure, a Japanese subsidiary
sells Californian wines procured by their head office in the United States, using
e-commerce. Ignite felt that transferring the base to Japan would create a higher
valuation at the IPO or sale of the company to a third party.
After reversing the capital relationship between the Japanese subsidiary and the
U.S. Company, Ignite will invest in the Japanese subsidiary that will turn into
the new parent company.
The company switching the parent-subsidiary relationship is San Sonoma Co., Ltd.
(California, President: Robert N. Eberhart). A special-purpose company (SPC) was
established under the aegis of the Japanese company (Chiyoda ward, Tokyo, 03-3556-4147
[current number is 03-5220-5588]), which was a wholly owned subsidiary of the
U.S. head office. The SPC and the U.S. head office merged, and the head office
formally became a subsidiary of the Japanese company.
After adjusting the capital relationship, IT2000 Investment Business Limited Liability
Partnership managed by Ignite Japan K. K., and Tokio Marine Capital Co., Ltd.
(Chiyoda Ward, Tokyo, President: Yasuhiko Ozeki), will invest in the company with
100 million yen this month. |
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