As we have documented before, GMO Internet is perhaps the biggest Japanese tech company largely unknown outside of its home country. Today, in its first quarter earnings report, the firm revealed a growing interest in expanding its overseas business, in part by establishing a new JPY 2.1 billion (US$18 million) startup fund.
The fund, to be operated by GMO Venture Partners, a subsidiary of GMO Internet, is the fourth such fund created by the company. Though it was officially established on March 9, the amount was not revealed until today. Already, it has made investments into ex-Line CEO Akira Morikawa’s new video startup and Slack competitor Chatwork.
The new fund has an international tinge. GMO Venture Partners wants it to “support Japanese startups aiming to launch in the North America and Asia markets.” This dovetails with an international expansion theme that the parent company established in its earnings release today. Behind the Z.com domain name, GMO is aiming to raise its overseas revenue percentage from the current three percent.
Founded in 1991, GMO Internet has become a domestic market leader in several areas of online infrastructure, including payment, cloud hosting, and domain management. With seven subsidiaries operating as publicly listed companies, GMO Internet Group can claim a total market cap of JPY 390 billion (US$3.29 billion). That figure puts the firm squarely alongside better known contemporaries like CyberAgent (US$3.06 billion) and DeNA (US$3.03 billion).
Editing by Michael Tegos
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
