Spiral raises $64m for debut Japan VC fund

The firm claims that Spiral Ventures Japan Fund 1, which launched with a target size of JPY6 billion, is the largest first-time fund raised by a domestic independent VC player in the country. A total of JPY2.1 billion has already been deployed across 19 investments.

Spiral won backing from a number of corporate LPs, including Asics Ventures Corporation, Mori Trust, Seino Holdings, Tosho Printing, and T8. It also received contributions from the government-controlled Organization for Small & Medium Enterprises and Regional Innovation, several large domestic financial institutions, and foreign hedge funds, according to a statement.

The fund commits JPY50-300 million for early to mid-stage investments, rising to as much as JPY500 million for later-stage deals. There is a particular interest in start-ups that bring technology into traditional industries or use it to create new business models.

IMJ Investment was founded in 2012 by Japanese digital marketing company IMJ Corporation. The firm, which was envisioned as an independent fund manager rather than a corporate VC arm, moved to Singapore the following year to pursue investments in Southeast Asia. In 2015 the firm turned its attention back to Japan, establishing an office in Tokyo and launching a JPY6 billion ($54 million) fund targeting Japanese start-ups in the internet and technology spaces.

IMJ Corporation was bought by Japanese lifestyle brand operator Culture Convenience Club (CCC) in 2016. This prompted a group of existing investors led by the firm’s management to buy a majority stake in the GP in March 2017. They then rebranded it. Spiral incorporates the Japan and Singapore offices of IMJ Investment, with each branch continuing to manage its own investments.

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