Fenox Venture Capital is investing USD2 million into I AND C-Cruise Co (IACC), which operates Green-EnergyNavi.com, asolar power web portal in Japan.
Fenox initially invested in the company in 2013, and has since then been providing continuous growth support. With the current investment, IACC plans to enter the electric power distribution market as it becomes deregulated in Japan in 2016.
Earlier in 2015, Fenox made a multi-million dollar investment in an Internet advertising startup in Japan. The investment in IACC represents Fenox’s second Japanese investment in 2015. With it, Fenox’s investments in Japan total USD10 million year-to-date.
“IACC offers the right solution at the right time,” says Anis Uzzaman, General Partner at Fenox Venture Capital. “We are investing a second time in IACC because of its exponential growth rate, the market demand, and its high future potential.”
IACC is the largest marketplace in the USD8 billion domestic household solar panel market in Japan. The platform counts more than 50,000 subscribers, as well as 500 manufacturers and service providers. With stellar growth of 1,621% over the past three years, IACC has been ranked among the top 30 firms for two successive years in Deloitte’s Technology Fast 500 Asia Pacific.
“We will use this investment to solidify our lead through our Green-EnergyNavi.com portal, and launch our new venture in electric power distribution,” says Kazuyuki Uemura, CEO of IACC. “We will also be entering the global market in the near future with support from Fenox.”
