SBI Investment Research
Investment Thesis
SBI Investment Co., Ltd. is the venture capital arm of SBI Holdings, one of Japan's largest financial services groups. Founded in June 1996, SBI Investment has grown into Japan's most active venture capital firm, managing cumulative fund commitments of approximately JPY 841.4 billion (~$5.6B USD) across a portfolio of more than 1,300 companies globally as of March 2025.
The firm's core investment philosophy is concentrated investments in high-growth sectors that will define the 21st century. SBI Investment aims to become a leader in the creation and cultivation of key industries by backing transformative technology companies in information technology, artificial intelligence, blockchain, fintech, biotechnology, life sciences, and clean energy. The firm operates dedicated funds as well as corporate venture capital (CVC) funds in partnership with major Japanese corporations including Panasonic, Nikon, Ricoh, and KDDI.
Sector Focus
SBI Investment maintains a broad but deliberate sector focus across global markets:
- Fintech & Payments — historically the leading area, with 61+ first investments in companies such as eToro, Ripple, Paidy, Tide, SoFi, and Omise
- Enterprise Applications & Software — 103+ investments across B2B SaaS and enterprise technology globally; the single largest segment by investment count
- Artificial Intelligence & High Tech — AI, machine learning, semiconductors, and quantum computing; the flagship SBI Digital Space Fund (JPY 100B) specifically targets AI and digital infrastructure
- Biotech & Life Sciences — a core vertical since the firm's founding; recent interest includes regenerative medicine and university spin-outs from Japanese institutions
- Healthcare IT — digital health and healthcare technology, led by the CVC department under Yukiko Kato
- Clean Energy & Climate — green technology and sustainability as part of the global portfolio strategy
Stage Focus
SBI Investment invests across all stages, with Series A as the most common entry point (93 tracked first investments), followed by Series B (70) and Seed (48). The firm also participates in Series C and beyond for high-conviction strategic sectors such as quantum computing and deep tech. Total investment volume runs 25–35 new deals per year, with 32 in 2025 and 20+ year-to-date through July 2026.
Check Size
Typical first-check sizes range from approximately $1M to $30M per investment, with substantially larger commitments reserved for strategically important rounds. The firm led OQC's $100M Series B in November 2023 and participated in OQC's £260M ($350M) Series C in June 2026, Europe's largest-ever private quantum computing round. CVC co-investment vehicles managed with corporate partners typically deploy $1M–$5M per deal at Series A–C stages.
Recent Activity
SBI Investment is actively deploying from the SBI Digital Space Fund, which completed fundraising at JPY 100 billion (~$670M) in June 2025 — one of Japan's largest-ever VC fund closes. The fund focuses on AI, semiconductors, and fintech. Total cumulative fund commitments reached JPY 841.4 billion at that time, with the firm aiming to expand to JPY 1 trillion.
Recent investments (2026):
- LinqAlpha (Series A, July 2026) — AI intelligence layer for global public markets, New York
- OQC/Oxford Quantum Circuits (Series C, June 2026) — £260M quantum computing round in UK
- Tokenz (Series A, June 2026) — Japanese blockchain infrastructure, with Headline co-investing
- Scohia Pharma (Series B, May 2026) — Japanese biopharmaceutical startup
- Qubitcore (Seed, April 2026) — Japanese quantum computing company
- Pints AI (Pre-Series A, June 2026) — co-led with Tin Men Capital
Portfolio Highlights
SBI Investment has backed 12 unicorns and seen 81 portfolio IPOs and 28 acquisitions to date. Notable outcomes include:
- SoFi — US online financial services, NASDAQ IPO
- eToro — Israeli social trading platform, NASDAQ IPO May 2025 (~$620M raise at $4B valuation)
- Paidy — Japanese BNPL pioneer, acquired by PayPal 2021 ($2.7B)
- Kiavi — US AI-powered real estate lending, acquired by Figure for $717M June 2026
- freee K.K. — Japanese cloud accounting SaaS, TSE IPO
- Axelspace — Japanese commercial satellite startup, TSE IPO August 2025
- Habito — UK digital mortgage broker, acquired December 2025
- Wefox — German insurtech platform, acquired June 2025
- Tide — UK digital business banking, unicorn at Series C
- Genspark — AI productivity workspace platform, unicorn at Series B
- Ripple — blockchain-native cross-border payments, Series D
- Omise — Thai fintech/payments, unicorn
- Open — Indian B2B payments platform, unicorn at Series D
Team
- Yoshitaka Kitao — Representative Director & Chairman; also CEO of SBI Holdings; one of Asia's most influential investors and entrepreneurs
- Yukiko Kato — Director & Executive Officer, General Manager Corporate Venture Capital Dept.; joined from SoftBank Investment predecessor in 2002; leads the CVC department with $1B+ AUM in partnerships with Panasonic, Nikon, Ricoh, and KDDI; focuses on healthcare, clean tech, and university spin-outs; named GCV Emerging Leader 2024; background in equity capital markets at ING Baring Securities
- Tetsuya Seiki — Partner, Tokyo
- Matsumoto Yusuke — Partner, Tokyo
- Shotaro Sanada — Partner, Osaka
- Jae Kwang Ahn — Partner, Seoul
- Daniel Dongwoo Nahm — Partner, South Korea
- Ting Huei Wu — Partner, Taipei
SBI Investment employs 74–78 total staff including 16 partners across offices in Tokyo, Osaka, Seoul, and Taipei.
Decision Process
SBI Investment operates as an investment committee model with multiple partners and principals involved in deal decisions. Warm introductions are strongly preferred given Japan's relationship-driven investment culture. As part of a large financial group with extensive corporate LP relationships, decision timelines typically run 4–8 weeks for smaller investments and longer for larger strategic positions. CVC vehicle deals require alignment with the relevant corporate co-investor.
Founder Preferences
SBI Investment backs technology-focused founders across both domestic Japanese companies and international teams. The firm particularly values founders building in fintech, AI/ML, biotech, and clean energy — sectors aligning with SBI Holdings' core financial services and technology businesses. The CVC department actively seeks university spin-outs from Japanese institutions, especially in healthcare and regenerative medicine. International founders expanding into Japan or building globally are welcomed given SBI's deep corporate distribution networks across Japanese industry.
Geographic Focus
Japan is the primary market (167 tracked first investments), with significant activity in the United States (30), South Korea (15), United Kingdom (13), India (12), plus additional coverage across Southeast Asia, Europe, Israel, and Taiwan. The firm has been actively building cross-border investment platforms: a JV with Speedinvest (established March 2026) bridges Japanese institutional capital to European tech; a JV with Shinhan Venture Investment (June 2026) targets Japan-Korea startup opportunities. SBI Investment positions itself as a leading bridge investor connecting Japan to global technology innovation ecosystems.