Nippon Venture Capital Research
Investment Thesis
Nippon Venture Capital (NVCC, 日本ベンチャーキャピタル株式会社) is an independent, corporate-backed venture capital firm founded in February 1996 in Tokyo. It was started by entrepreneurs who had built successful companies and by executives of large Japanese corporations who wanted to support startups. NVCC describes itself as a hands-on, "support-type" VC. It invests in startups and early-stage companies and backs them from founding through IPO, advising on management, sales and listing preparation.
Its stated principles are to act as an independent and neutral VC that uses a large-corporate network and accumulated know-how, and to use its experience running university funds to create new industry-academia alliances. NVCC says more than 200 large companies are involved through its directors, shareholders and fund investors. These companies help assess a target's business and build alliances after investment.
Sector Focus
The portfolio page tags investments by sector: digital health, information and communications (software and internet), medical and life science (therapeutics, drug discovery, regenerative medicine), environment and energy, manufacturing (mobility, space hardware), services, distribution, finance and construction/real estate. Recent investments skew toward biotech and medical (Neusignal Therapeutics, AOI Biosciences, Hepalys Pharma, Restore Vision, United Immunity, Metagen Therapeutics, Surv Biopharma), enterprise and information software (SecureNavi, Kuzen, UPWARD, Fivot), and deep tech and space (Axelspace, Space BD, WHILL).
Stage Focus
NVCC invests mainly in startup and early-stage companies. It often takes a lead VC role, sends a director or board observer to portfolio companies, and supports them through to a Tokyo Stock Exchange Growth listing.
Check Size
The website does not disclose check sizes. Fund sizes (the latest, NVCC Fund 10, is JPY 9.0B) suggest early-stage checks well under USD 10M. Check size fields are left unset.
Lead Tendency
NVCC states that it participates as a lead VC from the earliest stage of company creation. Its practice of placing outside directors or observers supports a lead or co-lead pattern. Confidence is moderate because no round-level data was verified.
Recent Activity
- NVCC Fund 10 (NVCC10号投資事業有限責任組合, JPY 9.0B) was established on 2024-06-28.
- The Digital Health Fund Osaka (JPY 2.25B) was established in April 2023.
- Recent IPOs on the TSE Growth market: Audiostock (2026-09-16), PRONI (2025-12-24), Ai Robotics (2024-09-27), MFS (2024-06-21), Chordia Therapeutics (2024-06-14), Cinca (2024-03-27) and Veritas In Silico (2024-02-08).
- Cumulative IPO count is 175 as of 2026-09-16.
- Newest portfolio additions on the site include Co-well, HEARTBEATS, Kuzen, Neusignal Therapeutics, Space BD, MENOU and RYDE.
Portfolio Highlights
NVCC reports having invested in over 1,000 companies, with 160+ going public (175 as of September 2026). The site lists current portfolio companies from the past two years and a separate IPO record page. Notable names include WHILL (personal mobility), Axelspace (microsatellites), LPixel (medical image AI), Awarefy (mental health app) and Audiostock (music marketplace, listed 2026).
Team
- 奥原 主一 (Shuichi Okuhara): Representative Director, Chairman
- 多賀谷 実 (Minoru Tagaya): Representative Director, President
- 栗岡 威: Director, Vice Chairman
- 桑園 寛之: Director, Executive Vice President
- 水島 玲子: Director, Senior Managing Executive Officer
- 佐藤 亘: Director, Managing Executive Officer
- 遠藤 寛之: Director, Managing Executive Officer
- The outside board includes chief executives and chairmen of shareholder companies such as Fast Retailing, Suntory, Sysmex, Daikin, Fujifilm and Shionogi.
Decision Process
Management-led partnership with a board of corporate executives. No specific investment committee procedure is published. Warm introductions are likely useful given the corporate-network model, but this is not stated.
Founder Preferences
Entrepreneurs and university-origin ventures in Japan. NVCC runs university funds with Kyoto University, Osaka University and others, so research-based startups are a priority. It also emphasizes alliances with large corporate shareholders.
Geographic Focus
Japan. Offices are in Marunouchi (Tokyo head office), Nihonbashi (Tokyo) and Osaka (Western Japan branch). Total AUM was reported as about USD 700M (JPY 100B raised over the firm's life) as of December 2022; the English site's figure is dated and may include liquidated funds. Twenty employees as of March 2026.