Japan’s Beenos group, a global conglomerate with a business incubator, has announced an investment of US$5 million into a new US$60 million fund for early stage startups. The fund named “BEENEXT” will be investing in internet and mobile-related businesses in India, Southeast Asia, Japan and the US. It will be based in Singapore.
BEENEXT is founded by Teruhide Sato, founder and former CEO of Beenos. The fund aims to back hand-picked entrepreneurs with capital, operational expertise and access to a global network.
Beenos will invest $5 million into BEENEXT, alongside a bunch of individual investors who have built companies in Japan, the US and Southeast Asia. “Through this investment and strategic partnership, we look to expand our reach in emerging markets and the USA, and also maximise our investment returns,” an official statement from Beenos states.
In India, Beenos has so far announced investments in five start-ups:
- Shopclues: It’s an e-commerce marketplace with a strong push into second- and third-tier cities of India.
- Citrus Pay: This fintech start-up aims to make digital payments and online checkout processes simpler.
- KartRocket: This start-up builds tailored services around payments, cash on delivery, automated shipping management and multi-channel sales for e-commerce sites.
- BuyHatke: This site grabs results from various e-commerce sites and picks the best deals for customers.
- Droom: This marketplace for new and used cars recently secured $15.6 million in a series A funding.
Teruhide Sato has also been investing in his personal capacity. One of his recent picks from India is Lookup – a Craigslist and WhatsApp rolled into one for local shopping, dining and other activities.
This is an excerpt from Tech in Asia. You can read the full article here.