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  gumi to participate in General Partner of, and to make investment in, Venture Capital Fund focused on investment in the Overseas VR/AR Market
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02/19/2016
 


[This unedited press release is made available courtesy of Gamasutra and its partnership with notable game PR-related resource GamesPress.]

gumi Inc. (“gumi”) announced, as follows, that at today’s board of directors meeting gumi’s board decided to invest in VR Fund, L.P. (the “Fund”), through gumi America, Inc. (“gumi America”), a consolidated subsidiary of gumi.   Also, please note that gumi America will participate in the general partner entity for the Fund, VR Fund Partners, L.L.C., as a joint venture participant.

ANNOUNCEMENT

1.Purpose of participation in the general partner and investment in the Fund

We will participate in the operations of the fund through participation as a joint venturer in its general partner entity, VR Fund Partners, L.L.C., a company that has a strong network with entrepreneurs and extensive investment experience, for the purpose of securing opportunities to invest in good companies primarily in the U.S., and for the purpose of securing opportunities for future profits in the gumi corporate group within the virtual reality (VR) and augmented reality (AR) markets, which are rapidly developing worldwide.

The gumi group will accelerate its business growth by working toward strategic collaborations with companies that have high-quality technology, content and talented workers through this investment.

Marco DeMiroz, co-founder and General Partner of The VR Fund said: "It's very exciting for us to team up with Kunimitsu-san and gumi to establish our fund as the premier venture investor across the entire VR and AR ecosystem. It is one of those historical technology shifts that will dramatically improve and enhance all aspects of our lives."

2.Outline of the Fund

(1)Name VR FUND,L.P.
(2)Location 3150 Porter Dr., Palo Alto, California 94304-1212 U.S.A.
(3)Business Investment in the VR and AR markets, with a focus on the United States
(4)Date of establishment November 25, 2015
(5)General Partner entity VR FUND PARTNERS, L.L.C.
(6)Total funds under

management

Seeking a maximum of 50 to 80 million U.S. dollars
 

3.Outline of the General Partner

(1)Name VR FUND PARTNERS, L.L.C
(2)Location 3150 Porter Dr., Palo Alto, California 94304-1212 U.S.A.
(3)Joint Venturers Marco DeMiroz, Tipatat Chennavasin and gumi America, Inc.
(4)Business Investment in the VR and AR markets, with a focus on the United States
(5)Date Established October 22, 2015
 

4. Outline of gumi America, Inc.

(1)Name gumi America, Inc.
(2)Location 795 Folsom Street 1st Floor, San Francisco, CA 94107
(3)Names and titles of

representatives

Hiroyuki Kawamoto
(4)Business Mobile online gaming business
(5)Stated Capital 525,000 US Dollars
(6)Date Established April 6, 2012
 

5.Impact on financial results

We anticipate that the impact on our financial results during the current fiscal year will be immaterial because the period in which the business will operate will be comparatively short.  However, in the future it is possible that distributions and earnings, etc. could arise from the Fund’s operations.

[RELEASE ENDS]