Japanese venture capital funds managed by Softbank Group have made a $30 million investment in the InsWeb on-line insurance marketplace.

Softbank Corp. and InsWeb also announced the creation of a joint venture, InsWeb KK, to offer insurance products to Japanese consumers over the Internet beginning this year.

Insurance sales "has the potential to be one of the biggest opportunities on the Internet," said Yoshitaka Kitao, executive vice president and chief financial officer of Softbank Corp., which has a portfolio of Internet company stakes, including Yahoo! Inc., E-Trade Group, E-Loan Corp., and Cybercash Inc.

"InsWeb has become the clear market leader in this space by pursuing a well-focused strategy executed by a strong management team," Mr. Kitao said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.