Taipei, Oct. 18 (CNA) The Japanese capital venture firm CyberAgent Ventures Inc. opened a new office in Taipei on Tuesday with the aim of expanding its investment in local startups in the mobile application sector.
"We plan to invest in another two Taiwanese companies, one of which is an Internet portal, by the end of this year," Alice Fang, general manager of CyberAgent Taiwan, said in an interview with CNA at the opening ceremony.
"The investment will be around US$1 million (NT$30 million) in each company, same as our earlier investment in the Taiwanese website iPeen," she added.
CyberAgent, headquartered in Tokyo, has a market value of US$1.8 billion (NT$54 billion). It has offices in cities across Asia, including Shanghai, Shenzhen in China and Ho Chi Minh in Vietnam.
Its investments are spread throughout more than 70 companies in Japan, China and Thailand, among them Japan's biggest social networking site Mixi Inc. and mobile social gaming firm DeNA, and China's online video website Tudou Holdings.
In April, CyberAgent spent US$1 million to acquire a 20 percent stake in the restaurant information site "iPeen."
The capital is expected to be used to expand iPeen's manpower this year from 30 to 70 employees. It will also help boost iPeen's revenue from NT$30 million last year to NT$90 million in 2011 with the launch of more mobile services for Android-powered smartphones and tablet PCs, according to iPeen.
In the next year, Fang said, CyberAgent will seek to invest a total of US$23 million in 25 startups in the Greater China area, mostly mobile application developers. The company is in talks with a Hong Kong-based gaming app developer API Force, she said.
"We prefer mobile app developers because such companies have a worldwide impact when their products are distributed online," Fang said. "We think this sector is full of potential."
(By Jeffrey Wu)