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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
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.
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
3.Outline of the General Partner
4. Outline of gumi America, Inc.
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.