Fundraising FoxInclusion Japan
Venture capitalPre-Seed–Growth
Also known as インクルージョン・ジャパン株式会社
Find your way into Inclusion Japan
Investment thesis
ICJ (Inclusion Japan) invests through two main vehicles: its ICJ No.2 Fund, which backs Japanese startups across areas such as food sustainability, space/satellite data, biometric AI safety, and proptech, and its ICJ No.1 Fund of Search Funds, described as Japan's first VC fund dedicated to search fund investing, formed with corporate partners. The firm emphasizes creating surprising encounters and collaboration opportunities that stimulate the wider market, and actively runs educational programs and events explaining the search fund model to entrepreneurs and other VCs.
Source: firm website, verified Sep 27, 2026.
What they invest in
from 23 of 38 portfolio companiesSaaS ×8AI & Machine Learning ×6Cleantech ×4Climate Tech ×4Enterprise Software ×4Hardware ×4Healthtech ×4Impact & Social Good ×4
HQs:Japan×17Ethiopia×4South Africa×1
Who they back
founder profiles across 9 portfolio companiesFounding team size:solo founder×82 founders×1
Investments · 38 tracked
founders shown can be your intro path
Addis Software is a custom software development firm that builds tailored web and application solutions for businesses seeking digital transformation and operational optimization.
Developer ToolsEnterprise SoftwareSaaSAddis Ababa, ET
Abenezer
AstroX is a Japanese space transportation company developing hybrid rocket and propulsion technology to build domestic space launch infrastructure.
Deep TechHardwareSpace TechMinamisoma, JP
Shobu Oda(Representative Director & CEO)inYutaka Wada(CTO)
Co-investorsANOBAKAG-STARTUPShizuoka Capital
Clara Online operates hosting, cloud, and internet infrastructure services.
B2B MarketplacesCloud ComputingMobility & TransportationTokyo, JP
クララオンライン創業者(CEO)Kentaro Iemoto(代表取締役社長 (President & CEO))
Co-investorsBBVA SPARKCiti VenturesCovaltoGeneral CatalystIFCInternational Finance Corporation+1 more
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Degas combines farmer financing with artificial intelligence to design solutions addressing poverty, food security, and climate resilience, serving smallholder farmers in Africa and Asia.
AgTechAI & Machine LearningClimate TechFintechImpact & Social GoodJapan, ZA
Doga Makiura(Founder)in
Co-investors15th Rock
Dodai builds electric motorcycles designed for African roads, along with IoT-enabled battery systems and a battery-swapping station network.
CleantechHardwareMobility & TransportationAddis Ababa, ET
Yuma Sasaki(Founder / CEO)Abenezer Yakob(CTO)Hilina Legesse(SVP / Head of Corporate Services)inChuan Yee(Head of Engineering & Production)inSamuel Tariku(VP / Head of Commercial)inPiniel Berhane(VP / Head of Finance)in
Co-investorsSpiral CapitalSpiral Innovation PartnersUTokyo Innovation Platform Co. Ltd.
enstem develops industry-specific services for non-desk workers that use smartwatches and vital-sensing devices to monitor health and safety.
Digital HealthHealthtechIoTSaaSTokyo, JP
Kanta Yamamoto(代表取締役 (Representative Director / CEO))
Co-investorsDG IncubationRakuten Capital
An accelerator program operated by MUFG ICJ that connects startups and small-to-medium enterprises with large corporations and financial institutions for collaborative projects focused on ESG and sustainability goals.
Impact & Social Good
Japanese InsurTech operating Frich, a P2P mutual-aid (kyosai) community platform, and Frich for Business SaaS.
Co-investorsW Inc.
Gebeya provides an AI platform with proprietary data and language models to enable intelligent automation for independent professionals and businesses across Africa.
AI & Machine LearningEdTechSaaSAddis Ababa, ET
Co-investorsConsonance Investment Managers
GoodayOn is a digital marketplace in Addis Ababa that connects households and businesses with vetted service providers for cleaning, cooking, babysitting, maintenance, renovation, and hiring.
ConsumerFuture of WorkMarketplacesSaaSAddis Ababa, ET
Alem Abreha(Co-founder & CEO)inTigist Afework(Co-Founder & COO)inBethel Tesfaye(CMO)in
Hatena is a Japanese social bookmarking and blogging platform that aggregates user-curated content and discussions.
Media & EntertainmentSocialTokyo, JP
Co-investorsFast Track Initiative
Impact Circle builds a global team of experts in business development, microfinance, and governance to create social impact in both Japan and emerging markets.
FintechImpact & Social GoodSocialTokyo, JP
Satoshi Takahashi(Representative Director & CEO)in
Co-investorsEnergy & Environment InvestmentG-STARTUPRelic
JCCL develops carbon dioxide capture and resource recovery technology for achieving carbon neutrality.
Advanced ManufacturingCleantechClimate TechTokyo, JP
Co-investorsKeio Innovation InitiativeDai Nippon Printing
Coroyawa is a specialized flooring material designed to reduce fracture and trauma risk for elderly users by combining stable walking comfort with impact absorption during falls.
HardwareHealthtechMedical DevicesNew MaterialsHamamatsu, JP
Co-investorsCarbide VenturesHulic StartupIDATEN VenturesJIC Venture Growth InvestmentsMonozukuri VenturesMPower+1 more
ONCALL operates a home medical care support service in Japan, providing night and holiday house-call teams plus an online "Connect" team that supports clinical decisions and links medical institutions and multidisciplinary staff nationwide.
Digital HealthEnterprise SoftwareHealthtechMedical DevicesSaaSTokyo, JP
Takayoshi Fuu(代表取締役 CEO / M.D.)
ovgo Baker produces plant-based vegan cookies made without eggs or butter, designed to be inclusive for people with dietary restrictions, allergies, or lifestyle preferences.
ConsumerDirect to ConsumerE-commerceFoodTechWellness & FitnessTokyo, JP
Prairie Card is an NFC-enabled digital business card service: users tap the card on a smartphone to share a profile page with contact details, social accounts, and portfolio links without needing an app.
ConsumerHardwareSaaS
Work Wonders is a Tokyo-based company offering consulting services centered on the operation of generative AI, along with a media business.
AI & Machine LearningEnterprise SoftwareMarketing TechMedia & EntertainmentTokyo, JP
Yuya Adachi(代表取締役CEO (Representative Director & CEO))Satoshi Umeda(取締役CPO (Director & CPO))Yuta Okada(取締役CTO (Director & CTO))in
Zeroboard develops a cloud platform that helps companies collect, manage, and disclose environmental, social, and governance (ESG) data.
CleantechClimate TechImpact & Social GoodSaaSTokyo, JP
Board渡慶次 道隆
Co-investorsCoral CapitalDelight VenturesDnx VenturesFFG Venture Business PartnersJapan Green Investment Corporation for Carbon NeutralityMizuho Capital+2 more
Instalimb develops and delivers 3D-printed prosthetics and orthotics using CAD, 3D printing, and machine learning technology to improve accessibility and affordability of mobility devices globally.
AI & Machine LearningHealthtechMedical Devices
Co-investorsGlobal BrainRebright PartnersUTokyo Innovation Platform Co. Ltd.
Cuoncrop builds an AI intelligence platform that visualizes the environmental value of food and agricultural products across multiple sustainability metrics beyond decarbonization.
AgTechAI & Machine LearningFoodTechTokyo, JP
北垣 卓
Co-investorsOne Capital
Sustainacraft evaluates the effectiveness of nature conservation and forest carbon projects by combining satellite remote sensing with causal inference techniques, quantifying carbon credit baselines with high accuracy.
AI & Machine LearningCircular EconomyCleantechClimate TechEnterprise Software
Hiroshi Suetsugu, Ph.D.(Founder)in
Porty is a marketplace for buying and selling properties in Japan, where sellers and buyers interact directly to transact on any type of property.
MarketplacesPropTech
Yoii operates a revenue-based financing platform called Yoii Fuel that provides non-dilutive funding to SaaS and D2C startups using proprietary algorithms.
FintechSaaS
Co-investorsGlobal BrainUTokyo Innovation Platform Co. Ltd.X-HUB TOKYO Global Startup AcceleratorItochu Technology Ventures
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
3TAkiyama CapitalColor&DecorExevitaG-BankHamposakiIDOM CaaS TechnologySpiker社thestoryVIrtualionクオンクロップクオンクロップ (QuonCrop)クララ (Charichari)天地人 (Tenchijin)
Frequently asked questions
- How many investments has Inclusion Japan made?
- Inclusion Japan has 38 tracked investments, 1 of which have exited.
- What stage does Inclusion Japan invest at?
- Inclusion Japan invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth stages.
- What sectors does Inclusion Japan focus on?
- Inclusion Japan focuses on AgTech, AI & Machine Learning, Cleantech, Climate Tech, Consumer, Fintech, Healthtech, Impact & Social Good, InsurTech, Marketplaces, Medical Devices, PropTech, SaaS, Sector Agnostic, Space Tech.
- Does Inclusion Japan lead rounds?
- Yes, Inclusion Japan leads investment rounds.
- Who does Inclusion Japan co-invest with?
- Inclusion Japan most often shares deals with DG Incubation, UTokyo Innovation Platform Co. Ltd., ANOBAKA, among 26 tracked co-investors.
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