Japan's SMFG to start $210m venture fund to develop unicorns

Megabank to focus on 'later-stage' startups, team up with investor Global Brain

Sumitomo Mitsui Financial Group, a Japanese megabank, will work with venture capital specialist Global Brain to help late-stage startups in Japan grow into "unicorns" valued at $1 billion or more.

Nikkei staff writers

July 10, 2023 18:37 JST

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).