Singapore-based early-stage venture capital firm, Lyra Ventures recently announced that it has launched a Japan-backed global second fund. Japanese fashion conglomerate TSI Holdings will be a key investor in this fund.
However, the company did not disclose any financial details.
Lyra Ventures, which was formerly known as Start Today Ventures, said that the new fund will focus on global opportunities, particularly in Southeast Asia, the US, Israel, and Europe, the company told Tech in Asia. The firm also said it’s interested in working with companies that are ready to expand to Japan and Southeast Asia.
Lyra Ventures was founded in 2017 to support companies across the fashion value chain, including new-retail models, SaaS businesses, and materials innovation. According to the company, the fashion and retail industry is rapidly changing, with companies investing more in digital platforms, AI analytics, and processing technologies, among others.
This announcement follows Lyra Ventures’ recent investment into the US retail platform Neighborhood Goods. Neighborhood Goods is reinventing the department store experience with various community-based activities. It is the firm’s first investment in the country.
According to a company statement, the deal with TSI complements Lyra’s existing partnership with Japanese e-commerce firm Zozo.
The firm had earlier invested in Syte AI, an Israel-based visual AI company whose clients include online luxury fashion retail platform Farfetch, Marks & Spencer, and online fashion retailer Boohoo. Other portfolio companies include UK-based SaaS platform Mercaux, Thai fashion eCommerce startup Pomelo, Indonesian lifestyle brand Brodo, and Singapore-based retail tech company Pixibo.
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