It has been a good week for Japanese startups. Fresh from Google, which made a rare investment in the country when it backed the AI startup Bee, so Salesforce, another US tech titan, announced a $ 100 million fund for startups in Japan. .
The Japan Trailblazer Fund is the first local Salesforce Venture fund in Asia. The firm’s VC arm has supported 40 startups in Japan since 2011, representing a fraction of its portfolio of more than 275 startups. While at $ 100 million, the Japan fund is also a small part of the overall investment thesis that Salesforce Ventures has seen. invest more than $ 1 billion in companies around the world.
However, the dedicated focus on Japan is positive news for the country, which has struggled to attract foreign investors despite running the world’s third-largest economy based on GDP. For Salesforce, Japan’s public cloud services market is expected to grow more than two-fold to reach $ 13 billion by 2022, according to IDC figures.
Salesforce Ventures’ existing portfolio includes startups like accounting service Freee, which raised $ 60 million in August, and contact management business Sansan, which this week closed $ 26.5 million to expand to Southeast Asia.