Teruhide Sato, the founder of Japanese eCommerce operator Beenos Inc. has started a $60 million VC fund named ‘Beenext’ to make investments in internet and mobile-related businesses in India, Southeast Asia, Japan, and the US.
“India is one of my strong investment focuses,” said Teruhide Sato. “It’s a country where entrepreneurs will increasingly lead by using innovative technologies to help solve issues such as power shortages and a lack of solid social infrastructure.”
The fund will be managed via Singapore location, where Sato lives and Beenos committed $5 million to the fund. Beenos program, which invests and cultivates startups has so far invested in five startups in India including Shopclues, Citrus Pay, KartRocket, BuyHatke and Droom.
Teruhide Sato has also been investing in his personal capacity in Indian startups. In May this year, he invested in Bangalore-based Lookup which raised Series A funding.