Seed investor Gree Ventures makes first close of new $130M fund and rebrands to Strive

Theres big news for one of India and Southeast Asias longest-running early-stage investors after Gree Ventures, the fund attached to Japanese gaming firm Gree, announced the first close of its third fund, which is targeted at $130 million.
Gree has been a fixture in Southeast Asia since 2012, but now the firm is rebranding to Strive (or STRIVE to quote the press release) for the new fund. Rebrandings often seem token, but, in this case, it makes a lot of sense to stop being called Gree (GREE) because the company is just one LP of many.
People often confuse us as a single LP fund, Nikhil Kapur who has been promoted to partner told TechCrunch in an interview. But were quite independent from Gree, plus were not a corporate fund and were not investing in gaming.
Indeed, in this case, the fund is talking to non-Japan-based LPs for the first time over potential participation. Confirmed LPs include past backersSME Support JAPAN which is part of the Ministry of Economy, Trade and Industry of Japan Gree itself and members of the Mizuho Financial Group. Opening the doors to prospective LPs in Southeast Asia is about adding more local networks in these markets, Kapur explained.
Those details, it is very much business as usual for Strive, which is putting the focus on B2B. Kapur said that 60-70 percent of past investments have tended to be on B2B deals, but now fund three is for the first time almost entirely dedicated to that segment.
Southeast Asia has seen some seed investors move further down the chain Jungle Ventures new fund is targeting a $230 million final close, while Golden Gate Ventures third fund is $150 million while it also has a growth fund aimed at $200 million but Strive is sticking to early stage.
As seed funds go, $130 million is a lot but theres plenty of nuance to that figure it wont all go to early-stage checks.
The fund is split across India, Southeast Asia and Japan with around half of that allocation estimated for deals outside of Japan. That leaves around $25 million for first checks. Kapur said that the outlined goal is to find 20 startups to back, and then double down on them with that follow-on capital. Interestingly, he said that theres no hard allocation between the three focus regions and follow-on capital is allocated freely to those companies which are performing well and ready to grow, irrespective of geography.
Seed investor Gree Ventures makes first close of new $130M fund  and rebrands to Strive
The Strive team
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