Mitsui & Co., Ltd. has invested in U.S Silicon Valley venture fund G2VP, LCC ("G2VP"), which accelerates the digitization of traditional industries.
G2VP was founded in 2017 by four senior partners of Kleiner Perkins Caufield & Byers* Green Growth Fund (GGF). On May 30, G2VP closed its first fund with total capital commitments of USD 350 million from Mitsui, one of the fund's largest shareholders, as well as other global corporations from the automobile, energy, machinery, and utility sectors.
G2VP invests in companies that are digitizing traditional industries in sectors ranging from transportation, manufacturing, energy, agriculture and logistics, through new business models, services, and technologies. The company has already invested in U.S. companies Shift, Inc, a digital market place for used cars, Scoop Co., Ltd., a carpooling service using ridesharing technology specifically for commuting, and Kespry Inc., which develops autonomous industrial drones.
In May 2017, Mitsui announced its new Medium-term Management Plan, "Driving Value Creation", presenting the "The Sustained Creation of New Value" as its vision for the future. In accordance with the plan, Mitsui positions advancing Digital Transformation (DT) initiatives, the utilization of AI, and IoT technologies, as vital measures for reinforcing its innovation capabilities.
By utilizing the network and investment expertise of G2VP, Mitsui will continue to promote the Digital Transformation of our customers, partners, and a wide range of industry assets owned by the Mitsui Group, as well as create new businesses and transform existing business models using digital technology.
Outline of G2VP
|Name of Company||G2VP, LLC|
|Establishment||April 24, 2017|
|Investment Focus||G2VP invests in entrepreneurs and companies that are digitizing traditional|
* Kleiner Perkins Caufield & Byers was founded in 1972 and is Silicon Valley's top venture capital company. It has formed over 30 funds in the 30 years since establishment, with a track record of investment in over 300 ICT related companies, including Amazon, Google, Twitter, Uber, and Facebook.