June 17, 2022 Approval for JICT’s Decision on Project Support

The Minister for Internal Affairs and Communications has today approved an application from Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (headed by OSHIMA Amane, President & CEO) to decide support for the development of ICT business, etc. in Europe, the U.S., India, Israel, etc. through LP Investment.

1. Background

Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (JICT) submitted an application to the Minister for Internal Affairs and Communications based on the provisions of Article 25, Paragraph 2 of the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (Act No. 35 of 2015). This application is to seek approval for JICT’s decision to support the development of ICT business, etc. in Europe, the U.S., India, Israel, etc. through LP Investment^*1 (the "target project").
In response to the application, the Minister examined the content of the support and the target project according to the Support Standards for the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (MIC Notice No. 412 of 2015) and the Policy for Fund Investment by the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (Directive dated March 31, 2022), and has confirmed that the project meets the support standards and the directive. Accordingly, the Minister has today approved the application as requested.

• *1
  Limited Partner

2. Target project

JICT will invest up to approximately 2.5 billion yen in Sony Innovation Fund 3 L.P., a new investment fund operated by Sony Ventures Corporation as GP^*2, to participate in supporting the development of ICT business, etc. in Europe, the U.S., India, Israel, etc., together with Sony Group Corporation and others.
The target project is to provide support in the form of LP investment in the fund, which has been established by the Sony Group with its accumulated investment experience and investment performance, thereby contributing to the growth of start-ups and the development of new industries for providing ICT services on a global scale including Europe, the U.S., India, Israel, etc.

• *2
  General Partner

Outline

• Target project: Support for the development of ICT business, etc. in Europe, the U.S., India, Israel, etc. through LP investment
• Target countries: Europe, the U.S., India, Israel, etc.
• Approved amount of support by JICT: Up to 2.534 billion yen
• Total project cost: More than 25 billion yen (tentative)
• Joint investors: Sony Group Corporation and others

• *
  The published material is in Japanese only.