# Incubate Fund: portfolio, investments and team

> Incubate Fund is a vc firm based in Japan. 245 investments on record, 40 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/incubate-fund (Millionrounds; every figure on the page links to its filing or article)

Japan · [Investor](https://millionrounds.com/investors)

# Incubate Fund

Last cheque observed Oct 2026; 245 cheques on record.

Email

Deploying now VC firm

Pre-seed Seed Series A Startups

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Deploying now

**71%** of best year **40** **cheques in 12 months**, 245 on record

Since the last cheque **11** days **00** hrs **00** min **00** sec

Median round **$2.8M** Rounds led **1 of 245** Sole investor **72 rounds** Exits **2 from the portfolio** Mostly in **Japan, 97%**

Pitch Incubate Fund

## Incubate Fund highlights

- 01 40 cheques in the last 12 months
- 02 Mostly Seed and Venture: 71% of its rounds
- 03 Sole investor in 72 rounds, median $835K
- 04 2 exits from the portfolio

## What they do

> We are a venture capital firm that continues to be "challengers." Our mission is to fully support the challenges of aspiring entrepreneurs from the early stages of their founding. Translated from Japanese, from their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** Startups
- **Based in:** Tokyo, Japan
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **245 appearances**

- **2026** 34 rounds
- **Oct** **[Kaminashi](https://millionrounds.com/company/kaminashi)** Series C · JP · Google News search **$14M** *Led*
- **Oct** **[ACIMUS Co., Ltd.](https://millionrounds.com/company/acimus-co-ltd)** Seed · JP · The Bridge **$410K** With 2 others
- **Sept** **[WED](https://millionrounds.com/company/wed)** Venture · JP **Undisclosed** With 2 others
- **Sept** **[Paytner](https://millionrounds.com/company/paytner)** Series D · JP **$14M** With 4 others
- **Sept** **[9lione](https://millionrounds.com/company/9lione)** Series A · JP **$781K** With 2 others
- **Sept** **[Power Laser](https://millionrounds.com/company/power-laser)** Series A · JP **$7.5M** With 4 others
- **Sept** **[Metro Weather](https://millionrounds.com/company/metro-weather)** Series B · JP **$9.4M** With 4 others
- **Sept** **[Ispace Technologies](https://millionrounds.com/company/ispace-technologies)** Debt · JP **$447M** With 2 others
- **Sept** **[Aldagram](https://millionrounds.com/company/aldagram)** Series B · JP **$13M** With 1 other
- **Sept** **[Legmin](https://millionrounds.com/company/legmin)** Venture · JP **$128K** With 1 other
- **Aug** **[Nutribase](https://millionrounds.com/company/nutribase)** Seed · JP **$317K** Sole investor
- **Jul** **[ASUENE](https://millionrounds.com/company/asuene)** Series D · JP · Firms' own news pages **$42M** With 4 others
- **Jul** **[NUJP](https://millionrounds.com/company/nujp)** Seed · JP **$616K** With 1 other
- **Jun** **[HerLifeLab](https://millionrounds.com/company/herlifelab)** Seed · JP **$810K** With 2 others
- **May** **[ReFiBuy](https://millionrounds.com/company/refibuy)** Seed · US · TechStartups **$14M** With 7 others
- **May** **[Coincheck](https://millionrounds.com/company/coincheck)** Venture · JP **Undisclosed** With 2 others
- **May** **[Pixie Dust Technologies](https://millionrounds.com/company/pixie-dust-technologies)** Series D · JP **$21M** With 4 others
- **May** **[Mjolnir Spaceworks](https://millionrounds.com/company/mjolnir-spaceworks)** Series B · JP **$7.5M** With 4 others
- **Apr** **[LQUOM](https://millionrounds.com/company/lquom)** Venture · JP **Undisclosed** With 4 others
- **Apr** **[Tancee](https://millionrounds.com/company/tancee)** Seed · JP **$284K** Sole investor
- **Apr** **[Genki Robotics](https://millionrounds.com/company/genki-robotics)** Venture · JP **Undisclosed** With 2 others
- **Apr** **[PathAhead](https://millionrounds.com/company/pathahead)** Seed · JP **$853K** With 1 other
- **Apr** **[Sharing Energy](https://millionrounds.com/company/sharing-energy)** Series C · JP **$5.4M** With 4 others
- **Mar** **[Timers](https://millionrounds.com/company/timers)** Venture · JP **Undisclosed** With 4 others
- **Mar** **[Innovative Space Carrier](https://millionrounds.com/company/innovative-space-carrier)** Venture · JP **$20M** With 2 others
- **Mar** **[LENZO](https://millionrounds.com/company/lenzo)** Seed · JP **$3.2M** With 3 others
- **Mar** **[Beamforfusion](https://millionrounds.com/company/beamforfusion)** Seed · JP **$314K** Sole investor
- **Feb** **[Ark Edge Space](https://millionrounds.com/company/ark-edge-space)** Debt · JP **$19M** With 4 others
- **Feb** **[YAMASTRO](https://millionrounds.com/company/yamastro)** Seed · JP **$641K** Sole investor
- **Feb** **[Elixiir Foods](https://millionrounds.com/company/elixiir-foods)** Seed **$9.0M** With 1 other
- **Feb** **[Yuimedi](https://millionrounds.com/company/yuimedi)** Venture · JP **Undisclosed** With 4 others
- **Feb** **[SUiCTE](https://millionrounds.com/company/suicte)** Seed · JP **$912K** Sole investor
- **Jan** **[Intellend](https://millionrounds.com/company/intellend)** Seed **$1.2M** Sole investor
- **Jan** **[Flent](https://millionrounds.com/company/flent)** Seed **$1.9M** With 2 others
- **2025** 48 rounds
- **Dec** **[Lumov Health](https://millionrounds.com/company/lumov-health)** Seed **$1.1M** Sole investor
- **Dec** **[Paytner](https://millionrounds.com/company/paytner)** Debt · JP **$17M** With 4 others
- **Nov** **[Flights](https://millionrounds.com/company/flights)** Series A · JP **$2.5M** With 5 others
- **Nov** **[BEFFY](https://millionrounds.com/company/beffy)** Venture · JP **Undisclosed** Sole investor
- **Nov** **[Akari Hosho](https://millionrounds.com/company/akari-hosho)** Venture · JP **$845K** Sole investor
- **Nov** **[Japan Cyber Defense](https://millionrounds.com/company/japan-cyber-defense)** Seed · JP **$6.5M** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **7 named**

HM **Homma Masahiko** Shareholder i Form ADV

KW **Keisuke Wada** Shareholder i Form ADV

NM **Nao Murakami** Director i Form ADV

PJ **Paul Joseph Mcinerney** Shareholder i Form ADV

TA **Tohru Akaura** Shareholder i Form ADV

XY **Xiang Yao Kwong** Director i Form ADV

YM **Yusuke Murata** Shareholder i Form ADV

We also hold **15** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$92M** gross assets of its funds Oct 2026

**3+** funds on file numbered funds in its name

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Incubate Fund Management Pte. LTD.
- **SEC number:** CRD 328078

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 4 we have independently watched raise

CAREER EVENT MEDIA MEDIA

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[Pokelabo](https://millionrounds.com/company/pokelabo)** Bought by [GREE](https://millionrounds.com/fund/gree) **$175M** Oct 2012

**[Istpika](https://millionrounds.com/company/istpika)** Bought by Infocom **Undisclosed** Aug 2012

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Pre-seed Seed Series A

Median round joined **$2.8M** the round, not its cheque Alone, median **$835K**

Led 1 of 245 rounds **0%**

- **Sole investor:** 72 rounds
- **Last cheque:** Oct 2026
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Seed said *88*
- Venture *77*
- Series A said *39*
- Series B said *12*
- Series C *11*
- Debt *7*
- Pre-seed said *-*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [SMBC Venture Capital](https://millionrounds.com/fund/smbc-venture-capital-2) 34
- [IVC](https://millionrounds.com/fund/ivc) 17
- [Mizuho Capital](https://millionrounds.com/fund/mizuho-capital) 17
- [Global Brain Corporation](https://millionrounds.com/fund/global-brain-corporation) 14
- [Japan Finance Corporation](https://millionrounds.com/fund/japan-finance-corporation) 14
- [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) 14

**Pitching Incubate Fund?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Incubate Fund. A count of rooms they were both in, not a relationship either has claimed.

[**SMBC Venture Capital** Investment bank **34** rounds together](https://millionrounds.com/fund/smbc-venture-capital-2)[**IVC** VC firm **17** rounds together](https://millionrounds.com/fund/ivc)[**Mizuho Capital** VC firm **17** rounds together](https://millionrounds.com/fund/mizuho-capital)[**Global Brain Corporation** VC firm **14** rounds together](https://millionrounds.com/fund/global-brain-corporation)[**Japan Finance Corporation** Investment firm **14** rounds together](https://millionrounds.com/fund/japan-finance-corporation)[**Mitsubishi UFJ Capital** VC firm **14** rounds together](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd)[**SBI Investment** VC firm **13** rounds together](https://millionrounds.com/fund/sbi-investment)[**CyberAgent Capital** VC firm **11** rounds together](https://millionrounds.com/fund/cyberagent-ventures)[**Nissay Capital** VC firm **10** rounds together](https://millionrounds.com/fund/nissay-capital)[**ITOCHU Technology Ventures** VC firm **9** rounds together](https://millionrounds.com/fund/itochu-technology-ventures)[**East Ventures** VC firm **8** rounds together](https://millionrounds.com/fund/east-ventures)[**Mizuho Corporate Bank** VC firm **8** rounds together](https://millionrounds.com/fund/mizuho-corporate-bank)

## Recently backed

The latest companies Incubate Fund put money into.

[**Kaminashi** $14M · Oct 2026](https://millionrounds.com/company/kaminashi)[**WED** Sept 2026](https://millionrounds.com/company/wed)[**9lione** $781K · Sept 2026](https://millionrounds.com/company/9lione)[**Power Laser** $7.5M · Sept 2026](https://millionrounds.com/company/power-laser)[**Ispace Technologies** $447M · Sept 2026](https://millionrounds.com/company/ispace-technologies)[**Aldagram** $13M · Sept 2026](https://millionrounds.com/company/aldagram)

## On podcasts

1 episode naming Incubate Fund in the title.

- [VC10X](https://millionrounds.com/podcasts/vc10x) 30 Dec 2025 · 29 min VC10X - Inside a $1.5 Billion Japanese Fund’s Big Bet on India - Rajeev Ranka, Partner, Incubate Fund Mentions [Incubate Fund](https://millionrounds.com/fund/incubate-fund) Apple PodcastsShow page

## Quick answers about Incubate Fund

### What does Incubate Fund invest in?

Incubate Fund invests most often at Seed and Venture (71% of the rounds on record), in sectors such as Startups.

### How active is Incubate Fund?

245 investments on record, 40 of them in the last 12 months, and it led 1. The most recent was in Oct 2026.

### What has Incubate Fund invested in recently?

Its most recent investments on record: Kaminashi (Series C, Oct 2026), ACIMUS Co., Ltd. (Seed, Oct 2026) and WED (Venture, Sept 2026).

### How big are Incubate Fund's cheques?

The median round it joins is $2.8M.

### Does Incubate Fund lead rounds?

Sometimes: it led 1 of its 245 investments on record (0%).

### Where does Incubate Fund invest?

Most of the companies it backs are in Japan (97%).

### Is Incubate Fund investing now?

Yes: it is actively investing, with 40 investments in the last 12 months.

### Who does Incubate Fund invest alongside?

Most often SMBC Venture Capital (34 rounds together), IVC (17 rounds together) and Mizuho Capital (17 rounds together).

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