JVC Kenwood announced in Japan that it has made a substantial investment valued at $300 million in the WiL Fund I, L.P., a company that it describes as a “venture investment consultation organization.” The company says it is partnering with WiL (World Innovation Lab) as part of a plan to find new potential acquisitions “to enhance growth in next generation development business.”
See more on this new report out of Japan…
As part of a mid-term growth plan, JVC Kenwood plans to aggressively seek acquisition targets from around the world in the hopes of transforming its business model. To facilitate this process, the company says it is partnering with WiL, LLC – a relatively new venture capital company founded in October 2013.
According to materials from JVC Kenwood, WiL Fund I, L.P., was founded by Gen Isayama (President of the company who is said to be a Silicon Valley capitalist), and two top Japanese IT business managers (Shinichi Saijo, formerly COO of Cyber Agent; and Masataka Matsumoto, former CIO of Yahoo)…along with financial backing from WiL, LLC.
JVC Kenwood says that the fund plans to invest in “domestic and international venture companies and conduct venture incubation activity…” By partnering with the fund, the company says it will have access to new business opportunities. The partnership is targeting companies engaged in: technology, media, telecom, and technical/service areas.
Just this past November, JVC Kenwood announced poor first fiscal semester results and revised their forecast downward for the remainder of the year. As part of these announcements, the company cut pay to directors and top management and began cutting headcount at their operations around the world.