FUND

SPIRAL CAPITAL[ 01 ]
SPIRAL INNOVATION PARTNERS[ 02 ]

SPIRAL CAPITAL[ 01 ]

Core Policy

Spiral Capital aims to create startups that make a significant impact on society. To birth such high-potential unicorns, two key elements are indispensable: a vast market opportunity and a strong management team. We focus our investments on startups that meet these two essential criteria.

Vast market opportunity

Transformation of existing large industries
DeepTech with potential
for global expansion
Advanced industry-agnostic
technology

Strong management team

Entrepreneurs with execeptional
vision and execution capabilities
Serial entrepreneurs with a wealth
of management experience

Funds Managed by Spiral Capital

We started our Fund I in 2016 and are currently managing Fund III.

Fund	Spiral Capital Japan Fund I	Spiral Capital Japan Fund II	Spiral Capital Japan Fund III
Established	2016	2019	2024
Fund Size	JPY 7 billion	JPY 12 billion	JPY 15 billion (target)
Limited Partners	Financial institutions, corporates	Financial institutions, corporates	Financial institutions, corporates
Number of Investments	35 companies	39 companies	In process
Investment Areas	Domestic startup companies	Domestic startup companies	Domestic startup companies

Investment Strategy

We focus our investments on our "BIG4" areas, consisiting of three sectors with significant potential for transformation (Smart Infrastructure (including ClimateTech), FinTech, and Healthcare) and AI which is being implemented across all industries. Additionally, DeepTech is included as a key focus area within the "BIG4" areas.

Focus Areas ("BIG4")

Target
Internet startups
DeepTech startups

Investment Stage / Investment Amount

While our main focus is on lead investments in seed/early stage startups around the hypothesis validation and PMF phases, we will also allocate a certain proportion for middle/later stage investments in the business expansion phase. Initial investment amount can range from JPY 50~500 million, and we can invest up to JPY 1~2 billion per startup including additional investment in subsequent rounds. Through active additional investments, we support startups' growth into unicorns.

Main Target

Continued support through additional investments

Seed

Early

Middle

Later

Hypothesis validation phase

PMF Phase

Business expansion phase

Time

Impact Investing Policy

Our investment activities based on the BIG4 strategy naturally create positive social impacts. We support and monitor our portfolio companies' contributions to society through their business activities by defining and categorizing these impacts as “Theory of Change” as follows.

Theory
of Change

Contributing to
environmental
protection

Promoting physical &
mental well-being

Improving job satisfaction
in the workplace

Realizing
a divese society

Creating
Impact Unicorns

SPIRAL INNOVATION
PARTNERS[ 02 ]

Core Policy

Our CVC Philosophy

Through the management of CVC Funds, Spiral Innovation Partners supports enterprise fund investors to realize both strategic and financial returns, while helping build win-win relationships with investee startups.

EnterprisesCVCStartups

Accelerate open innovationBusiness collaborationStrategic returnsPromote collaboration
with enterprises

Improving asset management efficiencyInvestmentFinancial returnsRaise risk capital

Value for enterprises
Accelerate open innovation
Improving asset management efficiency

Value for startups
Promote collaboration with enterprises
Raise risk capital

Features of our CVC Funds

01Pursuit of Quality

Mechanisms to ensure quality of fund management
(Limit fund investors to one company per industry, and limit the number of new mandates each year)
02Maximization of Returns

Realize strategic returns while ensuring high financial returns
03Long-Term Partnership

Committed to developing CVCs from a long-term perspective based on mutual trust