Gojek Investment Extends Cool Japan Fund’s Expansion Into Entertainment

📆 25/10/2019 04:42:00
📰 Variety

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Earlier this month, the Cool Japan Fund announced an investment of JPY5.5 billion ($50 million) into Gojek, a large tech startup in Indonesia. Gojek simultaneously confirmed its expansion from ride…

, a large tech startup in Indonesia. Gojek simultaneously confirmed its expansion from ride hailing and food delivery into streaming video.

“[This investment in Gojek] was decided under very strict screening,” said Naoki Kitagawa, a former representative director of Sony Music Entertainment , who became president and CEO of Cool Japan in June last year. Critics say that the public-private funding structure allows for a lack of accountability regarding performance.

Cool Japan has been a regular investor in entertainment, and funding Gojek’s move into media was not Cool Japan’s first investment in streaming.

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