Japanese shoe and athletic equipment giant Asics has launched a new venture capital arm which will look to invest in startups across a number of industry sectors.

Asics Ventures Corporation has been given an investment budget of US$27m (€25.5m, £21.6m) and will look to accelerate and assist fledgling companies in sports and health, innovative technologies and sustainability.

In a statement, a group spokesperson said: “We believe that Asics can further accelerate our continued quest for innovations, leveraging business development with startup companies that have innovative products and services, technologies and people.”

“We wish to further ensure our sustainable growth through capital and business tie-ups with startup companies that would create customer values if combined with ASICS group resources.”

Operating as a wholly-owned subsidiary, the arm will be headed by Hiroaki Kageyama.

In recent years, the Japanese government has looked to make it easier for startups to find funding by encouraging existing, larger businesses to invest in new industries.

The move is part of a strategy to grow the country’s economy, which has traditionally been driven by a handful of multi-national corporations – such as car manufacturers Toyota, Honda and Mitsubishi and tech companies Sony, Nintendo and Fujitsu.