Across Ventures

Across Ventures Research

Overview

Across Ventures is a San Francisco-based Fund-of-Funds (FoF) venture capital firm founded in 2025 by Emi Yoshikawa. Unlike traditional VC firms that invest directly in startups, Across Ventures invests in specialized micro VC funds ($20–50M) that operate at the frontier of innovation. The firm serves as a strategic bridge between Silicon Valley's most focused early-stage investors and Japanese enterprises seeking access to cutting-edge U.S. technology.

As of May 2026, Across Ventures has formally launched its flagship fund, Across Ventures Fund I, L.P., in strategic alliance with SBI Holdings — Japan's largest financial group — which serves as the anchor limited partner. Fund I targets approximately USD $100 million (approximately ¥16 billion) and plans to invest in 20+ curated micro VC funds.

Investment Thesis

Across Ventures' core thesis rests on the structural bifurcation of the U.S. venture capital market into mega-funds and specialized micro VCs. The firm believes specialized micro VCs have distinct structural advantages:

1. Early-Stage Access: Micro VCs can invest at pre-seed/seed stages at valuations that reflect genuine uncertainty, before market consensus forms. This is structurally unavailable to larger funds constrained by capital deployment requirements.

2. Domain Specialization: Deep expertise in narrow verticals — AI infrastructure, climate tech, biotech, blockchain — compounds over time, creating informational edges and networks that cannot be replicated.

3. Information Asymmetry: The most significant innovations remain invisible to mainstream corporate monitoring systems. Early engagement provides critical intelligence before competitors recognize the value.

4. Corporate Strategic Value: For Japanese enterprises specifically, access to specialized micro VCs provides both financial returns and strategic intelligence about emerging technologies, enabling better product decisions, partnerships, and competitive response.

Across Ventures has articulated this thesis across multiple publications: Forbes Japan articles (July 2025, November 2025), Nikkei Financial (February 2026), and three in-depth essays on their website (April 2026). Emi Yoshikawa also served as translation supervisor for the Japanese edition of 'Unlocking Alpha: The Rise of Niche VC' by Simon Lancaster.

Fund Structure

Across Ventures Fund I, L.P.:

• Target Size: approximately $100M (¥16 billion)
• Structure: Fund-of-Funds
• Anchor LP: SBI Holdings, Inc. (Tokyo-based, Japan's largest financial group)
• Strategy: Invest in 20+ specialized micro VCs ($20–50M each)
• Underlying Stage Focus: Pre-seed and Seed
• Announced: April 14, 2026

SBI Holdings will support deal sourcing and investment review, leveraging their extensive Japanese corporate network. This partnership builds on Emi Yoshikawa's prior relationship with SBI during her tenure as VP of Strategic Initiatives at Ripple, where she helped pioneer Japan's XRP strategy and SBI partnerships.

Sector Focus

Across Ventures takes a cross-sector approach, investing in micro VCs across the following frontier technology domains:

• AI / Physical AI: Applied AI, robotics, AI infrastructure
• Fintech / Blockchain: Digital assets, payment infrastructure, decentralized finance
• ClimateTech: Clean energy, sustainability, climate adaptation
• HealthTech: Digital health, biotech, healthcare AI
• Deep Tech: Next-generation computing, semiconductors, quantum
• Space: New space economy, satellite infrastructure, launch technologies

Geographic Focus

Primarily focused on U.S. (Silicon Valley) innovation, with strategic connections to Japanese enterprises. The firm operates from San Francisco and positions itself as a Japan-US bridge. The anchor LP relationship with SBI Holdings provides direct access to Japan's leading corporate networks.

Team

Emi Yoshikawa — CEO & Managing Partner, Founder

• 20+ years in finance and technology across Silicon Valley, Wall Street, and Japan
• Harvard Business School MBA; CFA charterholder
• Former VP of Strategic Initiatives at Ripple (led Japan strategy and SBI partnership for XRP adoption)
• Co-founder, Blockchain Research Center at Kyoto University
• Named one of the Most Influential Women in Bay Area Business (2021)
• Contact: [email protected]

Across Ventures appears to be a solo GP firm. Emi Yoshikawa is the only publicly named team member.

Decision Process

As a solo GP firm, investment decisions are concentrated with Emi Yoshikawa. The SBI Holdings alliance may involve collaborative review for certain investments, given SBI's role in deal sourcing and investment review. As a Fund-of-Funds, Across Ventures functions as an LP in micro VC funds and does not directly lead or participate in individual startup rounds.

Portfolio Note (Fund-of-Funds)

As a Fund-of-Funds, Across Ventures' investees are micro VC funds, not individual companies. As of May 2026, no specific micro VC fund investments have been publicly disclosed. The firm is actively deploying Fund I (targeting $100M across 20+ micro VCs). Portfolio tracking should focus on micro VC fund investments as they become public.

Recent Activity & Thought Leadership

Across Ventures has been highly active in establishing thought leadership:

• April 2026: Launched Fund I in strategic alliance with SBI Holdings
• April 2026: Published three insight essays on specialized micro VCs and corporate innovation strategy
• February 2026: Contributed to Nikkei Financial on the bifurcating U.S. VC landscape
• November 2025: Forbes Japan article on manufacturing tech and Silicon Valley micro VCs
• November 2025: Translation supervisor for Japanese edition of 'Unlocking Alpha: The Rise of Niche VC'
• July 2025: Forbes Japan Part 1 series on the democratization of venture investment through micro VCs

Market Positioning & Differentiation

Across Ventures was featured in Venture Capital Journal's '2026 Rising Stars: A-G' list, reflecting growing recognition. Key differentiators include:

1. Japan-US Bridge: Uniquely positioned to facilitate connections between Silicon Valley micro VCs and Japanese enterprises — a significant gap in the market
2. Ripple/SBI Relationship: Emi's prior relationship with SBI provides exceptional LP access and Japanese corporate network depth
3. Thought Leadership: Active content in Forbes Japan, Nikkei Financial, and books builds credibility with Japanese audiences
4. Fund-of-Funds Diversification: Reduces selection risk by spreading across 20+ specialized micro VCs
5. Rising Stars Recognition: Named in VC Journal 2026 Rising Stars, signaling U.S. VC ecosystem awareness