Japanese giants join forces to invest, African venture capital sector welcomes capital from Japan

Glonghui, March 31 — According to media reports, Japanese companies including Mitsubishi Corporation, Sumitomo Mitsui Banking Corporation, and Toyota Venture Capital have invested in a $147 million Africa-focused venture capital fund, marking Japan’s growing interest in African startups. Partner Steve Beck stated in an interview that Japanese investors “hope to gain knowledge and deal flow related to the African continent.” The support of major Japanese companies highlights Japan’s increasing attention to African businesses amid a shrinking domestic market and relatively low interest rates. According to data from research firm Briter, more than 60 Japanese investors backed over 190 deals on the African continent last year, covering corporate venture capital departments, banks, and public institutions.