Incubate Fund is Japan's largest early-stage focused venture capital firm, specializing in seed-stage investments in technology startups. Founded in 2010 and headquartered in Tokyo, the firm manages multiple funds including its latest seed fund (Incubate Fund VI L.P.) and a growth fund (IF Growth), investing across deep tech, AI, consumer, and creative industries.
Average disclosed round size is $16.1M (across 38 rounds with reported amounts).
Portfolio
65
Fund Size
—
Top Stage
Series A
Last 12 Mo
0
Team
Masahiko Homma
General Partner
Masashi Ihara
General Partner
Paul McInerney
General Partner
Yuichiro Kondo
General Partner
Yusuke Murata
General Partner
Kazuki Koyama
Associate
Laura Michiko Suzuki
Associate
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
85 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 LENZO | Seed | — | Jan 2026 |
 PathAhead | Seed | — | Jan 2026 |
 Leaner Technologies Inc. | Series B | — | Jan 2026 |
| NNABLA Mobility Inc. | Series A | — | May 2025 |
 Gatebox | Seed | — | Apr 2025 |
 ArkEdge Space | Series B | — | Feb 2025 |
| ArkEdge Space | Series B | — | Jan 2025 |
 Faeger Co. Ltd. | Series A | — | Jan 2025 |
| VVisual Bank | Series B | — | Jan 2025 |
 Cartken | Series B | $10M | Jan 2024 |
 Captain Fresh | Series B | $40M | Jan 2024 |
 Vieu | Unknown | $11M | Jan 2024 |
 Iwaya Giken | Growth | — | Dec 2023 |
| Faeger Co. Ltd. | Unknown | — | Dec 2023 |
| PPale Blue Inc. | Series B | — | Oct 2023 |
 Cerby | Series A | $17M | Aug 2023 |
 Lightup | Series A | $9M | Aug 2023 |
 Lightup Data | Series A | $9M | Aug 2023 |
| Lightup Data | Series A | $9M | Mar 2023 |
 LexxPluss Inc. | Series A | — | Mar 2023 |
| Lightup | Series A | $9M | Jan 2023 |
| Faeger Co. Ltd. | Seed | — | Jan 2023 |
| Faeger Co. Ltd. | Series A | — | Jan 2023 |
 Mabel | Seed | $1.5M | Dec 2022 |
| MMurasaki Bv | Seed | — | Aug 2022 |
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Top Co-Investors
SMBC Venture Capital14 shared
JIC Venture Growth Investments9 shared
DNX Ventures7 shared
CyberAgent Capital6 shared
Better Capital5 shared
J-Ventures4 shared
Evolution Equity Partners4 shared
Fusion Fund4 shared
Shasta Ventures4 shared
Globis Capital Partners4 shared
Info Edge Ventures4 shared
Tokio Marine Future Fund4 shared
Revel Partners3 shared
Andreessen Horowitz3 shared
India Quotient3 shared
ITOCHU Technology Ventures, Inc.3 shared
Tokio Marine3 shared
Salesforce Ventures2 shared
Last updated: 7 October 2026