Japanese Startup Seeks $63 Million to Find Next Global Movie Hit

Palme d’Or-winning director Hirokazu Koreeda is supporting a fundraising effort aimed at making radical reforms in working conditions in Japan’s film industry, as part of his attempts to push the country to better compete with countries like South Korea globally.

K2 Pictures, a Tokyo-based startup led by veteran producer Muneyuki Kii as well as a group of film and animation creators including Koreeda, is seeking to raise 10 billion yen ($63 million) from domestic and foreign investors by the end of this year, the company said. The fund hopes to help improve incentives for industry workers by boosting financial rewards and ensuring diversity, the director said.