September 6, 2024 Approval of the Decision by Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT) on the Target Project for Support
(Support for the Overseas Development of Domestic and International ICT Startups through LP Investment)

 The Minister for Internal Affairs and Communications has yesterday 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 Overseas Development of Domestic and International ICT Startups through LP Investment.

1. Background

 Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (hereinafter referred to as “JICT”) applied to the Ministry for Internal Affairs and Communications (MIC) to approve its decision to support the overseas development of domestic and international ICT startups through LP (*1) investment (hereinafter referred to as the "Target Project"), pursuant to Article 25, Paragraph 2 of the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (Act No. 35 of 2015).
 In response to the application, the MIC examined the support content and the Target Project based on the JICT Support Standards(MIC Notice No. 412, 2015) and JICT’s fund investment concept (Notice dated March 31, 2022). As a result, the MIC concluded that the application met the relevant requirements. Yesterday, the Minister for Internal Affairs and Communications approved the decision to support the Target Project as submitted.

• (*1)
  Limited Partner

2. Target project

 JICT intends to support the overseas development of domestic and international ICT startups in collaboration with ITOCHU Corporation and other companies. To achieve this, JICT plans to invest up to 1.5 billion yen in the fund (Technology Venture No. 6 Limited Partnership for Investment), with ITOCHU Technology Ventures Inc. (hereinafter referred to as "ITV") as its GP (*2).
 This project will contribute to help strengthen support for the overseas development of domestic startups engaged in ICT service business through LP investment in a fund established based on ITV's investment experience and proven track record in fund management.

• (*2)
  General Partner

[Overview]

• Target Project: Support for the overseas development of domestic and international ICT startups through LP investment
• Target regions: Japan, the U.S., etc.
• Amount approved for JICT's support decision: Up to 1.5 billion yen
• Co-investors: ITOCHU Corporation and other companies

(Reference) Fund Corporation for the Overseas Development of Japan's ICT and Postal Services（JICT）
 JICT is a stock company founded on November 25, 2015 under the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. JICT provides funding and other support to those engaged in telecommunications, broadcasting, and postal services overseas and their supporters, by utilizing the knowledge, technology, and experience accumulated by Japanese business operators. This support aims to increase the demand common to domestic and international telecommunications, broadcasting, and postal services, and improve the profitability of Japanese business operators who meet that demand. In this way, JICT contributes to the sustainable growth of Japan's economy.