|
FOR IMMEDIATE RELEASE
Contacts: Alan Fogg
Director of Communications, FCEDA
afogg@fceda.org
703-790-0600 or 571-213-5065
Satohiro Akimoto
Vice president, Mitsubishi Investment Corp.
SATOHIRO_AKIMOTO@micnet.micusa.com
703-748-4788
Mitsubishi International Corporation Opens Venture Capital Office in Fairfax County
Leading Japanese company to invest $10 million in area technology, open Asian, international markets for local companies, FCEDA says
Fairfax County, Virginia, February 26, 2001 — Mitsubishi International Corporation (MIC), a subsidiary of Mitsubishi Corporation, one of Japan's foremost trading companies, has opened a venture capital office in Fairfax County and will invest $10 million in Washington, D.C.-area venture capital funds and technology companies, the company and the Fairfax County Economic Development Authority (FCEDA) announced.
The first local investment by MIC (www.micusa.com) will go to Tysons Corner-based Monumental Venture Partners LLC (www.mvpamerica.com). Mitsubishi International representatives will participate in co-investment opportunities with the MVP America Fund LP, which invests in mid-Atlantic based seed- and early-stage telecommunications, information technology and Internet-sector companies.
Opening the office in the Tysons Corner area of Fairfax County is part of MIC's strategy of co-investing and directly investing in U.S. startup technology companies, and helping those companies enter the Japanese market through Mitsubishi's extensive network in Japan and Asia.
New York-based MIC is the 31st venture capital operation in Fairfax County. It is the third foreign-based venture capital operation in the county. The others are London-based CDC Ventures and Jerusalem-based Yazam. MC Capital, a joint venture of Mitsubishi Corporation and Mitsubishi International Corporation, also is planning to team with a local venture capital firm to invest in area technology companies.
MIC's parent, Mitsubishi Corporation, has more than 650 subsidiaries and affiliates and over 10,000 employees in a wide range of industries worldwide, and posted $127 billion in sales in 2000. Mitsubishi Corporation recently launched a ".commerce" initiative to link its brick-and-mortar companies and clients with e-commerce.
"Opening a venture capital office in Fairfax County is part of our .commerce high-growth strategy, which will create synergy between emerging New Economy companies and our company's wide range of traditional business lines and take advantage of the best of both worlds," said Hironori Aihara, President of MIC.
In addition to Tysons Corner and New York, MIC has an office in Palo Alto, Calif. "I am excited to open our new office in Tysons Corner and am looking forward to duplicating the success that we have had with our Palo Alto office, which has been very active in identifying and investing in IT startups for 15 years," said MIC Senior Vice President Junji Inoue, who previously managed the Palo Alto office. "We are very pleased with the help the Fairfax County Economic Development Authority has offered in locating an office here and in helping us find strategic partners."
"It's always good news when a company establishes a presence in Fairfax County, but it really puts us on the world map when a renowned company like Mitsubishi decides Fairfax County is a great place to invest," said Gerald L. Gordon, PhD., President of the FCEDA.
"We believe Mitsubishi's global reach and stature rapidly extends MVP portfolio companies' distribution into strategic Asian markets and markets elsewhere in the world. This is a huge competitive advantage for MVP and our portfolio companies," said Roland Oliver, Chairman and President of Monumental Venture Partners.
The Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org) assists businesses by identifying possible sites and facilities, and is a source for up-to-date demographic, real estate and economic statistics. The FCEDA's Capital Attraction Program links entrepreneurs and startup firms with financing sources, and the FCEDA maintains marketing offices in Tokyo, London and Frankfurt.
# # #
| 
