Both companies’ funding programme has US$49M fund size; startups being funded include VentureBeat and Issuu
Global Brain, when not looking for Thailand startups and funding companies like Luxola and Rainbow.dot, is finding new ways to set up funding programmes. This time, the venture capital company has teamed up with Japanese telcos company KDDI to form the second KDDI Open Innovation Fund programme (KOIF II).
The KOIF II will target IT startup companies in Japan and in overseas countries, and will mature for 10 years until May 2024. Its fund size is at US$49 million. Global Brains will handle all sourcing and screening of would-be startups and companies for the programme, as well as aid them to grow fast in Japan and the rest of the world.
Right now, the KOIF II has found its first four startups and has invested US$8 million shared among them. So who are these startups worthy of the funding? They all originate from the US of A, and they are (drumroll please…..):
VentureBeat: If you keep up to date with business-to-consumer tech and gaming news, you’ve probably heard of VentureBeat. The company is also known for hosting US-based tech events like MobileBeat and GrowthBeat.
Pogoseat: Ever had that issue where you want to upgrade your stadium seat or concert sitting on the fly even after an advanced booking? Pogoseat not only lets users do that, but also offers special merchandise privileges depending on the venue and event.
Issuu: This startup does free digital publishing and has an online magazine sharing service for its 80 million unique monthly visitors. It’s getting rave reviews for its sleek interface and its 16 million free content.
Edmodo: A startup that has an online social network solution for getting teachers, students and parents/guardians together for education. Currently has over 35 million users hailing from over 190 countries.
The KOIF I of US$66 million was established in February of 2012 and invested in 24 startups that covered e-commerce, media and gaming. e27 is reaching out to Global Brain on the company’s main reason of funding them apart from the usual “each company has its own unique competitive advantages” PR spiel.