Mitsui Fudosan Co. Ltd. will team up with Japanese venture capital firm Global Brain Corp. to invest ¥30 billion in primarily growth-stage startups focusing on innovative technologies and/or services and can serve as the next key partners of "smart cities."
Mitsui said it aims to create new industries and expand its business scope through the program.
The 31Ventures — Global Brain — Growth I Project will target verticals such as property technology, internet of things, cybersecurity, e-commerce, financial technology, robotics and artificial intelligence. It will run for a 10-year term, according to a release.
Mitsui plans to offer support to selected startups, such as in executive and key employee search, adaptation to properties it manages, as well as connecting the startups to Japanese companies.
Additionally, the real estate company will initiate the Innovation Building Program under its BASE Q platform alongside Dentsu Inc. and EY Japan from June 18. The program will bring a new open-innovation space at Tokyo Midtown Hibiya with an aim to network with startups, Japanese large corporations and other business partners.
As of May 15, US$1 was equivalent to ¥110.26.
