Spiral Capital

FUND

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

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

CVC Funds Management