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Japan's CyberAgent Ventures invests in Taiwanese start-up

Japan's CyberAgent Ventures invests in Taiwanese start-up

Taipei, Oct. 30 (CNA) The Japanese capital venture firm CyberAgent Ventures Inc. announced Tuesday that it has bought a stake in the Taiwanese start-up that operates the food recipe social network iCook.tw. CyberAgent Ventures has invested US$500,000 to acquire a 15 to 20 percent stake in Polydice Inc., whose iCook site has 70,000 registered users and 10,000 user-generated food recipes, said Catherine Chang, an investment associate at CyberAgent Venture's Taipei office. "We expect iCook to double its users in the following one to two years, with a focus on attracting more people to its platform and then translating the user pool into revenue streams," she told CNA. Launched in 11 months ago, iCook is making revenue through banner ads and tie-in promotions with food companies, Chang said. She said CyberAgent Ventures is also in talks with two to three other Taiwanese start-ups but has not yet decided to fund any of them. In a statement, CyberAgent Ventures said it believes iCook has strong potential to become a leading player in Taiwan, and CyberAgent's wide network of resources will be used to enhance the Taiwanese firm's growth and value. The investment was made through CA-JAIC China Internet Fund II, which is jointly managed by CyberAgent Ventures and Japan Asia Investment Co. Ltd, the statement said. In April last year, CyberAgent spent US$1 million to acquire a 20 percent stake in Taiwan's restaurant review site "iPeen." CyberAgent Ventures is the venture capital arm of CyberAgent Inc., Japan's leading online business company. The main business units are focused on Internet advertising, blog communication platforms, social media and mobile game development. CyberAgent, headquartered in Tokyo, has offices in cities across Asia, including Shanghai and Shenzhen in China and Ho Chi Minh in Vietnam. CyberAgent's 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. (By Jeffrey Wu)


Updated : 2021-02-27 11:48 GMT+08:00