Tokyo-based venture capital firm Beyond Next Ventures has successfully raised $67.7 million in the first close of its deep tech fund. The firm, which focuses on early-stage, Asian deep tech startups, is looking to raise a total of $168 million for its third fund, BNV Fund 3. The fund aims to invest in around 25 companies in fields like robotics and biotech, with check sizes ranging from $670,000 to $2 million per investment. Beyond Next Ventures plans to close the fund by March 2024 and believes that the lack of later-stage funding in Japan limits startups from going global and hampers overall valuations.
Key Takeaway
Tokyo-based venture capital firm Beyond Next Ventures has raised $67.7 million for its deep tech fund, BNV Fund 3. The firm aims to raise a total of
68 million to invest in around 25 early-stage, Asian deep tech startups. Beyond Next Ventures plans to increase its investments in later-stage startups and extend the fund’s operational period to offer continuous financial support. The firm has opened a regional office in India to tap into the growing startup market in the country. Beyond Next Ventures has a successful track record of investments and exits in the healthcare, agri-food, and deep tech sectors.
Expanding Support for Startups
Beyond Next Ventures intends to increase its investments in later-stage startups, including Series C and Series D funding rounds, through the latest fund. The firm also plans to extend the fund’s operational period to 11 years and add an extension of up to three years with the consent of limited partners. By offering continuous financial support, Beyond Next Ventures aims to help startups on a global scale. The firm seeks out deep tech startups emerging from universities and research institutions, providing entrepreneurial strategies to commercialize their innovative technology and science inventions. Beyond Next Ventures has invested in nearly 80 healthcare, agri-food, and deep tech companies in Japan and India since its establishment in 2015. Its limited partners for BNV Fund 3 include existing backers and new investors such as SMBC Nikko Securities and Mitsubishi UFJ Trust and Banking.
Investing in the Growing Indian Startup Market
During 2020, Beyond Next Ventures opened a regional office in India, recognizing the country as an attractive medium- to long-term business expansion destination for Japanese portfolios. The firm believes that the startup market in India is growing remarkably. Beyond Next Ventures has a track record of successful investments and exits, including initial public offerings and mergers and acquisitions in the healthcare, agri-food, and deep tech sectors. The firm aims to leverage its experience and expertise to further support startups in Japan and India.
