Dream Incubator is a Tokyo-based venture capital and strategic consulting firm founded in 2000, publicly traded on the Tokyo Stock Exchange (Prime Market, code 4310). The firm combines venture investing with business-produce services—strategic consulting, M&A advisory, and incubation—targeting startups and growth-stage companies across Asia-Pacific, with additional offices in Bangalore, Singapore, and Shanghai.
Their most common stage is series-a (46% of deals). Average disclosed round size is $11.4M (across 23 rounds with reported amounts).
Portfolio
19
Fund Size
—
Top Stage
Series A
Last 12 Mo
0
Team
ME
Munehiko Eto
Managing Director
PL
Pawan Lakhwani
India Investments Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
26 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 SuperGaming | Series A | $5.5M | Jan 2025 |
 IDfy | Series F | $53M | Jan 2024 |
| BBombinate Technologies | Series A | — | Nov 2022 |
 Koo | Series B | $30M | Jan 2021 |
 Medfin | Series A | — | Dec 2020 |
 Turtlemint | Series D | $30M | Nov 2020 |
 StayQrious | Seed | $2M | Sep 2020 |
| TTricog | Series B | $8.5M | Mar 2020 |
| StayQrious | Seed | $2M | Jan 2020 |
| WWinuall | Series A | $2.1M | Jan 2020 |
| Medfin | Series A | — | Jan 2020 |
| LLBB | Series A | $5M | Apr 2019 |
| NNiramai | Series A | $6M | Jan 2019 |
 RightHand Robotics | Series B | $23M | Dec 2018 |
| RRightHand | Series B | $23M | Dec 2018 |
 Plexchat | Seed | $7M | Jul 2017 |
| RightHand Robotics | Series A | $8M | Jan 2017 |
 Wrap Media Llc | Series B | $12.7M | Sep 2015 |
| Wrap Media Llc | Series B | $12.7M | Jan 2015 |
 Active.Ai | Series A | $8.3M | — |
| CC2Sense | Seed | $3.2M | — |
| GGetvantage Tech Pvt Ltd | Seed | $5M | — |
| Koo | Series A | $4.1M | — |
 Bimaplan | Series A | $3.5M | — |
| Bimaplan | Seed | $500K | — |
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Top Co-Investors
Blume Ventures9 shared
India Quotient7 shared
Playground Global4 shared
GV4 shared
Matrix Partners4 shared
Y Combinator4 shared
Kalaari Capital4 shared
The Raine Group3 shared
3one4 Capital3 shared
Accel3 shared
private angel investors3 shared
Menlo Ventures2 shared
BEENEXT2 shared
Draper Associates2 shared
LearnStart2 shared
Chiratae Ventures2 shared
British International Investment2 shared
Tiger Global Management, LLC2 shared
Transmedia Capital2 shared
Salesforce Ventures2 shared
Last updated: 7 October 2026