i-nest capital, inc. Research
Investment Thesis
i-nest capital is an independent Tokyo venture capital firm founded in December 2019 by Takashi Yamanaka, previously president of Mobile Internet Capital. The name stands for innovator, investor and incubator, the three parties it wants to build trust between. The stated mission is new-industry creation and productivity gains through venture investment, with a second goal of training young venture capitalists. Team members are described as curious and dialogue-driven, and many have founded companies themselves.
The firm names three investment zones. The first is new lifestyle and entertainment: owned IP (creators, streamers, digital comics, video, sports bodies), AI-enabled services that remove a specific pain point, and services tied to inbound tourism and wealth building. The second is adding value to existing industries with AI and digital transformation, including security, manufacturing, and other industry-specific products, plus AI tools for operations, HR and marketing. The third is frontier technology: semiconductors, decarbonization and space, which Japanese national policy backs, along with materials and regenerative medicine, where Japanese university research is strong, and advanced AI.
Stage Focus
Fund policy is 25% of invested capital to seed, often meeting companies before incorporation. The remaining 75% goes to other stages, with early, middle and late each about one third. The firm uses milestone-based follow-ons and adds to promising companies actively. The portfolio shows many repeat rounds (JPYC three times, Utonic four times, mov, GOKKO, Gaianixx, SUN METALON, AOI Biosciences).
Check Size
The website does not state a check size. Fund I raised JPY 7.3 billion and Fund II targets JPY 6 to 8 billion across a portfolio of about 45 companies, which implies typical checks in the low hundreds of millions of yen or less. Treat this as inference, not a stated range.
Lead Tendency
Not stated. Press releases describe new investments and follow-ons, and several companies list the firm alongside other investors (for example mov alongside KDDI, NTT Docomo and Z Venture Capital). Treat as unknown.
Recent Activity
Fund II was established in January 2025 and announced in March 2025. The firm was certified as a Shizuoka Prefecture venture capital in September 2025. Recent deals: Facilo (real estate sales SaaS, Sep 2026), AOI Biosciences follow-on (Sep 2026), TopoLogic (topological-material memory, Aug 2026), JPYC follow-on (Apr 2026), Fanova follow-on (Mar 2026), Gaianixx follow-on (Mar 2026), HiJoJo Partners (Feb 2026), Sukidayo (Jan 2026), Fullkaiten (Nov 2025). Basic went public in March 2026, and IPDefine was exited in September 2026.
Portfolio Highlights
Fund I exits include Cover (hololive, IPO March 2023), THECOO (IPO December 2021), Secure (IPO December 2021), Basic (IPO March 2026), Thinkings, Skima Works, Monokabu and SBI NFT. Active holdings include Luup (electric micromobility), JPYC (yen stablecoin), GOKKO (short drama), Aillis (AI influenza detection camera), mov (AI review SaaS), Gaianixx and Photo electron Soul (semiconductor materials and equipment), and Tsubame BHB (green ammonia).
Team
- Takashi Yamanaka, Representative General Partner: ex Industrial Bank of Japan (now Mizuho), joined Mobile Internet Capital in 2003 and was president from 2015; JVCA director; ranked 4th in Forbes Japan's most influential venture investors list.
- Shigeo Tsukamoto, General Partner: ex Mizuho Financial Group; runs consultancy GSW; partner since 2019.
- Tetsuya Nakashima, Partner: joined 2026; ex Colopl Next general partner, 20+ exits in ten years, 10th in Nikkei's 2025 VC IPO profit ranking.
- Mikito Yoshiki, Associate: joined 2024; ex Deloitte Tohmatsu sustainability consultant, semiconductor and energy engineering background.
Decision Process
Partnership with an investment committee that includes LP observers. The process runs sourcing (a database of about 4,900 companies at the end of 2021), first diligence, external expert hearings, second diligence, committee, execution. Committee papers and minutes are shared with LPs.
Founder Preferences
Not stated beyond a stated preference for management quality, business value-add, market growth and terms. The firm offers hands-on help with governance, hiring, financing and IPO preparation, with outside lawyers, accountants and securities firms.
Geographic Focus
Domestic Japan by policy. Fund I LPs include SMRJ, NTT Docomo, Mizuho Bank and Ricoh Leasing; Fund II LPs include SMRJ, X Asset, Okasan Securities Group, Mizuho Bank and San-in Godo Bank.