Pegasus Tech Venturesa venture capital firm headquartered in Silicon Valley that helps companies invest in startups said it has set up a $100 million fund with a Japanese chemical and life sciences company Thinka.
Denka, a 107-year-old firm, is the sole limited partner of the newly established corporate venture capital fund and in line with its 2030 mission, is interested in investing in startups that address pressing global issues, including sustainability and population growth.
Pegasus Tech currently manages more than 30 strategic funds, or CVC funds, through partnerships with major global companies in Japan, Taiwan, Indonesia, Europe and the US, said Pegasus Tech founder and CEO, Anis Uzzaman. These business partners — usually in the manufacturing sector, such as industrial, chemical and pharma — want to put capital into startups to embed cutting-edge technologies into their core business, Uzzaman told todaybusinessupdates.com.
Pegasus Tech will help Denka search more specifically for early-stage and late-stage startups in renewable energy, EV batteries, chips and health technology. According to Uzzaman, the checks will range from $500,000 to $1 million for early-stage startups and $2 million to $10 million for later-stage companies.
After a candidate is targeted for investment, Denka plans to have a team work with Pegasus to validate the startup’s thesis. Still, Pegasus will make the final investment decision, Uzzaman said. A group of partners at Pegasus, including Uzzaman, and investment managers Bill Reichert, Steve Payne, John Lim and Justin Jackson will be heavily involved in the fund’s operations, Uzzaman added.
Since its inception in 2011, Pegasus has focused on connecting businesses and startups to leverage its “VC as a service” model, investing in more than 250 startups to date and raising more than $2 billion in assets under management.
Other partners the VC firm has worked with include Segathe video game and entertainment company; Japanesea television shopping company; NGK spark plugsa Japan-based manufacturer of automotive spark plugs; Asusa Taiwan-based computer hardware company; Aisina Japan-based automotive company; Bandai Namcoan entertainment company; Calbe, an Indonesia-based pharmaceutical company; and Sinar Massan Indonesian conglomerate.