One of major banks in Japan, Mizuho Bank today disclosed that the bank has invested 500 million JPY in Hack Osaka Fund.
Osaka is the biggest city in Kansai area (West Japan) and holds a number of manufacturing companies. As the city has been making effort to propel “innovation ecosystem”, the fund aims to contribute to economic growth in the Kansai area by generating new businesses through matching “Technologies” of companies in Kansai and an abundance of ideas of Silicon Valley.
The fund looks to raise 4.8 billion JPY and invest in emerging industries such as Smart home, Smart Car, Smart healthcare, Smart commerce which are expected to create more business opportunities by utilizing IT.
The Hack Osaka Fund will be managed by Hack Ventures which Osaka city selected from among applicants.
(Source: Mizuho Bank)