TOKYO -- Japanese megabank Sumitomo Mitsui Financial Group (SMFG) will launch a fund to help startups develop into "unicorns" -- fast-growing unlisted companies valued at $1 billion or more -- Nikkei has learned, with a focus on those at a later stage of growth. The scale of investment is expected to be around 30 billion yen ($210 million).
In Japan, many startups have gone public with still fragile finances, as few investors are willing to provide large sums to those in the later stages of growth. More providers of risk capital will make it easier for startups in Japan to grow into unicorns and compete in the global market.
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