Japanese banks increase funding for late-stage startups to address a lack of capital that has inhibited growth and contributed to Japan’s lack of unicorns. Sumitomo Mitsui Trust Bank will invest $350 million between 2023 and 2025 in pre-IPO startups, and Mizuho Financial Group launches a $69 million fund to assess the earning power of startups using AI to cut the time needed for investment decisions from a month to a week.
The Uruguay Innovation Hub launches a biotech company-building program to support and promote startup creation. The program’s aim is to help Uruguay attract international investment, increase the economic growth rate, and generate high-quality jobs for the country’s residents.
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