Cool Japan Fund invests in green tea cafes
Cool Japan Fund, a public-private fund supporting Japanese business and culture overseas, announced plans to invest more than $2 million to develop upmarket green tea cafes in California. The green tea cafes, which are yet to be named, are expected to serve beverages such as "sparkling green tea" and "matcha expresso." The first outlet should open later this year and 50 more are planned in the next decade. Cool Japan Fund will own 49.9% of Green Tea World USA, which will operate the cafes in cities such as Los Angeles, San Francisco and San Jose, with the remaining 50.1% in the hands of a consortium of Japanese companies. Cool Japan Fund invests in producers of Japanese culture such as animation, comic books, movies, fashion and food, to help promote them overseas.